Banking & Payments - Beam Receives Channel Excellence Award in Mobile Banking for Financial Inclusion at Asia Trailblazer Awards 2013

15th March 2013: Singapore

Banking & Payments, a leading journal for retail banking and payments announced the winners of its annual Trailblazer Awards in a glittering award ceremony held on Friday, 15 March 2013 at Grand Copthorne Waterfront Hotel, Singapore.


Beam received the Channel Excellence Award in Mobile Banking for fostering Financial Inclusion at the Banking & Payments Asia Trailblazer Awards 2013.

Thomas Zink, Editor, Banking & Payments mentioned that “Beam operates a cashless financial transaction system allowing unbanked and banked to transact with anyone, anywhere, anytime. The growth of the network is astonishing with customer numbers growing from 1mn in Mar 2010 to over 7mn in September 2011 and to 10mn in August 2012.”

Anand Shrivastav, CMD said “This award is a tribute to India and each customer, channel partner and staff of Beam. Indeed we are proud to receive this recognition and rededicate ourselves to serving the people of India.

The program is a tribute to the best-of-breed players in retail banking and payments in Asia Pacific. Above all, it is designed to be a fair and objective benchmark for the industry. The awards have been created to identify best practice initiatives that are setting new standards for the retail banking industry in Asia and around the world.

The judging criteria include the ability of institutions to demonstrate a clear and unique strategy to grow their business, domestically and/or regionally; banks that have made the most investment in people and systems to develop their business; banks showing the most innovation in products/services; banks with demonstrably superior client services; institutions that have strengthened and extended the global reach of their brands: and banks which have demonstrated a strong business performance.

 

About Beam

Beam is a revolutionary Mobile/Ecommerce marketplace and Mobile Wallet which endeavors to enable convenience, empower economically, and enrich the lives of its customers. Beam enables trade flows and provide financial infrastructure to enable seamless transactions.

Beam-Mastercard tie-up coverage in Paymnts.com

MasterCard has announced a series of new partnerships at Day Three of Mobile World Congress in Barcelona, Spain, as the network continues to focus on global expansion, prepaid payments alternatives and mobile commerce. 

In the prepaid space, MasterCard announced a new agreement with Beam: a mobile and electronic wallet that will serve as a “a first-of-its kind, low-cost, MasterCard mobile companion pre-paid card,” and will help facilitate payments for 14 million mWallet customers. 

“There’s an increasing need for electronic payments in markets such as India, where more than 40% of the adult population do not have access to banking services,” said Philip Yen, Group Head, Emerging Payments, Asia/Pacific, Middle East & Africa, MasterCard Worldwide. “The launch of this revolutionary product will not only help bring more Indians into the financial system, but also benefit merchants especially those who currently do not have point-of-sale acceptance, which is roughly around 6 million merchants in India.” 

For complete story, visit: http://www.pymnts.com/briefing-room/commerce-3-0/Mobile-World-Congress-2013/mastercard-focuses-on-mobile-prepaid-and-international-growth/ 

Press Coverage in MediaNama: Mastercard Partners Beam Money To Launch Mobile Wallet Prepaid Cards

February 28, 2013

Mobile payments platform, Beam Money, has partnered with MasterCard Worldwide to launch a prepaid card that will allow Beam’s mobile wallet users to transact at ATMs, physical merchants and online shops.

As part of the agreement, Beam franchisees across the country will be issue prepaid cards from July-August 2013, which will be  linked to the customer’s existing Beam account. Users can then make use of these cards to pay utility bills, make fund transfers, book movie or travel tickets, and also withdraw money from ATMs and Beam franchisees. The deal period or the financial details of the agreement were not disclosed.

MasterCard claimed that this prepaid card will be linked to the customer’s existing Beam account in real time and it will automatically sync transactions to the user’s beam account.

Beam currently offers a prepaid mobile wallet which provides services like remote payments, telecom and DTH recharge, rail, air and bus bookings, cinema tickets, utility payments, among others.

The company had claimed to have more than 14 million users in India and claimed to be working with more than 50,000 partners in the country including Aircel, Airtel, BSNL, Idea, MTS, MTNL Delhi and Mumbai, Reliance, Tata Indicom and Tata Docomo, Vodafone, Videocon, Uninor, Tata Sky, Videcon D2H, Airtel Digital, Sun Direct, Reliance Big, and Dish TV. It had also launched a mobile wallet app for the iPhone, called Beam Wallet, which allowed iPhone users to use the Beam Money service on their phones.

Other prepaid payment solution providers in the country include ITZ Cash, Oxigen, Paymate and TranServ Private Limited among others.

Towards Greater Financial Inclusion: MasterCard, Beam Announce Alliance to Reach 14 Million New Customers

February 27, 2013

Offers Innovative MasterCard Mobile Companion Pre-paid Cards To Underserved Consumers in India and Also Empowers Franchisees to Provide E-Payment Services

TWEET: #MasterCard & @BeamMoney give 14m #Indians access to #MobileMoney services http://bit.ly/XrQwtt

BARCELONA and NEW DELHI, February 27, 2013:At Mobile World Congress, MasterCard Worldwide, today announced its collaboration with Beam, a revolutionary mobile and electronic commerce wallet, to launch a first-of-its kind, low-cost, MasterCard mobile companion pre-paid card that will allow over 14 million mobile wallet consumers of Beam to transact at physical merchants, online and access ATMs.

With over 850 million mobile subscribers in India today[i] the potential for scale and benefits to a growing community cannot be overstated. According to the latest MasterCard Mobile Payments Readiness Index, India achieved a score of 31.5, which puts the country in the middle of the pack with regard to overall readiness for mobile payments.

This collaboration is another step by MasterCard toward its vision of a world beyond cash, bringing new and innovative electronic payment solutions to a new generation of customers, both banked and underserved. Now, consumers in India can connect their existing mobile wallets to the world of MasterCard acceptance and electronic payments to pay utility bills, make fund transfers, book movie or travel tickets, and even withdraw money from ATMs as well as Beam franchisees. The prepaid card will seamlessly synchronize with the customer’s existing Beam account. Beginning July/August 2013, these cards will be issued instantly by Beam franchisees (many of whom are educated, unemployed women) across the country.

“There’s an increasing need for electronic payments in markets such as India, where more than 40% of the adult population do not have access to banking services. In 2012, we launched the MasterCard Mobile Money Partnership Program seeking to provide consumers living in remote areas of the world with access to mobile money services. The launch of this revolutionary product will not only help bring more Indians into the financial system, but also benefit merchants especially those who currently do not have point-of-sale acceptance, which is roughly around 6 million merchants in India,” said Philip Yen, Group Head, Emerging Payments, Asia/Pacific, Middle East & Africa, MasterCard Worldwide.

“Our collaboration with MasterCard Worldwide’s pre-paid card system enables us to offer our customers a unique product that fits their lifestyle and provides access to ATMs and card-transactions at merchants, further extending the reach of our Mobile Wallet to a wide range of cashless solutions and our endeavor to make Beam an aspired brand,” said Anand Srivastava, Chairman, Beam.

The collaboration is a win-win strategy for a host of stakeholders. Beam customers will be able to add more functionality and utility to their current mobile wallet offering. The MasterCard merchant community will benefit from a higher volume of electronic payments given that a significant section of consumers are predominantly cash-based in India. Beam franchisees will be further empowered with their new capability of distributing mobile companion pre-paid cards and conducting on-behalf-of electronic payment transactions for consumers with limited and one-off electronic payment needs.

It will also help Beam realize its vision to be a globally-recognized corporation and its unique digital commerce coupled with its distribution tie-up with India Post to sell Beam services at post offices will greatly enhance the reach of this new service.

In fact, the collaboration with Beam could trigger far-reaching innovations in the mobile and payments industries. One, it is a low cost pre-paid account that is linked to a mobile-based store value account. Second, while there will be one account, there will be two form factors i.e. phone and plastic. Third, it is issued instantly, linked to the mobile wallet in real time and authenticated via the mobile phone of the consumer. This service marks a significant step towards the coming together of mobile-commerce and banking entities in the payment space.

Consumers can easily enjoy Beam services by registering for an account via SMS, Beam’s website, wapsite or app and transacting at anytime from anywhere. Beam services include telecom/DTH-TV/data card recharge, utility bill payments, rail, air and bus travel bookings, mobile/e-commerce,  movie tickets, ringtones, wallpaper, songs, games, COD/home delivery and more. The registration is free, paperless and hassle-free – it does not require a change in SIM card, download of software or a credit, debit or net bank card, and works on all mobile phones.

 Find a complete list of MasterCard’s news announcements from Mobile World Congress in our Digital Press Kitand follow us @MasterCardNews #MWCashless #MAMobileSymp to join the conversation.

About Beam

Beam is a revolutionary Mobile Wallet and Mobile/Ecommerce marketplace which endeavors to enable convenience, empower economically, and enrich the lives of our customers.

About MasterCard

MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNewsjoin the discussion on the Cashless Conversations Blog and subscribe for the latest news.

http://newsroom.mastercard.com/press-releases/towards-greater-financial-inclusion-mastercard-beam-announce-alliance-to-reach-14-million-new-customers/

The Economist Profiles Beam - Mobile Money All Together Now

Mobile money All together now

The Economist, Jan 17th 2013, 14:45 by E.C. | LOS ANGELES

·      IN KENYA mobile money has become central to the country’s economy. M-PESA, a service that allows money to be sent and received using mobile phones, has now been adopted by 70% of the adult population and is a conduit for 25% of Kenya’s GNP. Yet elsewhere such services have had limited success, even though there is no lack of demand. In India, for instance, only an estimated 30,000 of the 600,000 villages in the country have bank branches. Little wonder that 700m Indians, or nearly two-thirds of the population, don’t have accounts.

Now mobile money seems to be finally taking off outside Kenya. In both Bangladesh and India mobile-money services now boast a sizeable number of users. And in both cases it is clever entrepreneurs who have pushed things along—rather than a big telecoms operator, as was the case in Kenya.

In Bangladesh bKash has garnered a following of 2.2m users. It has more than 30,000 retail agents, almost one in every two villages, allowing most rural Bangladeshis to use digital cash (see picture). In India BEAM has signed up 14m customers and does 1m transactions every month.

In both cases the success is in large part the result of what Anand Shrivastav, BEAM’s founder and chief executive, calls “the agnostic option”: bKash and BEAM offer mobile wallets that work on any wireless network. This helps overcome what has been a big barrier to widespread adoption of mobile money: that such a service is often limited to one network.

This defeats the purpose, says Arun Gore, chief executive of Gray Ghost Ventures, a social venture-capital firm based in Atlanta, which backs both of these companies. “The very essence of mobile money is to help the unbanked expand their reach," he argues.

In Kenya this was not an issue: Safaricom, which operates M-PESA, controls two-thirds of the country’s telecoms market, which helped the service spread quickly. In contrast, most other big developing countries have a more fragmented market split between several network operators. In India Airtel and Vodafone have rolled out their own mobile wallets.

Another reason for the growing adoption of mobile money, at least in the case of bKash, is the fact that it is not a single firm, but has a broad network of partners. It is linked to BRAC, a big Bangladeshi NGO, which in turn works with a vast network of mostly mom-and-pop grocery shops, which serve as retail agents for bKash. “They are like an ATM, but a more reliable one in a country where electricity can drop in and out,” says Kamal Quadir, chief executive of bKash.

But what if one of India's network operators were to offer an “agnostic” mobile-money service of its own? Mr Gore is not worried. In India, he explains, such mobile-money services have to abide by strict banking regulations—something operators are not set up for.

At any rate, mobile money is likely to spread because it is a big help for many—and can save lives. Mr Shrivastav got the idea for BEAM from his driver, who tried to transfer money for medical treatment to his ill mother via money order. She was living in a village with no banks nearby. When the money finally arrived she had already died.

Beam Launches Airline Ticketing Across Tamil Nadu Post Offices

First-of-its kind Innovative offering, Air Ticketing in Post Offices

 

15 January 2013, New Delhi: Beam, India’s revolutionary mobile wallet is rolling out its Air Ticket booking service initially in 100 Post Offices across Tamil Nadu. Now customers can book domestic as well as international air tickets at a Post Office near them. At economical price. Without requiring credit/debit card or net banking.

With its innovative and ultra-convenient payment service, Beam endeavors to Enable, Empower and Enrich its customers with the convenience of offering an ever increasing bouquet of services that can be availed at anytime, from anywhere including from a nearby post office.

Sharing his perspective on this outstanding achievement Mr. Anand Shrivastav, CMD, Beam said, “It’s indeed a proud moment for us. We had started our journey with India Post in Nov’09 and we feel it to be a great accomplishment to do a full launch our Air Ticketing Service at Post Offices across Tamil Nadu”.

“Beam has undisputed leadership in providing mobile wallet and m-commerce services, and we hope to bring more innovative services as we go forward” he added.

Working closely with more than 50,000 partners across India, Beam today is successful in reaching to more than 1.4 crore customers. There is an ever growing bouquet of services from remote payments, telecom and DTH recharge, rail, air and bus bookings, cinema tickets, utility payments and much more. Financial transaction services to enable trade flows as well as other financial products would be provided shortly.

 About Beam

Beam is a revolutionary mobile wallet that allows its customers to transact at Anytime, from Anywhere, with Anyone. Beam turns the mobile phone into the most sophisticated and safest wallet in the world. It lets persons shop without cash, pay utility bills, recharge your mobile/ DTH-TV, book travel tickets and much, much more, all from mobile. It is authorized by RBI.

Initially the following Post Offices would offer Beam’s Air Ticketing services:

Southern Region

Central Region

Western Region

Chennai City Region

Dindigul

Cuddalore HO

Coimbatore

Anna Road HO

Palani

Chidambaram HO

RS Puram

Chennai GPO

Nilakottai

Karur HO

Ramnagar

T Nagar HO

Nagercoil HO

Kulithalai HO

Dharmapuri

Mylapore HO

Thuckalay HO

Kumbakonam HO

Krishnagiri

St Thomas Mount HO

Karaikudi

Melakaveri HO

Erode

Park Town HO

Devakottai

Myladhuthurai HO

Bhavani

Tambaram HO

Kovilpatti HO

Sirkali HO

Gobi

Ambattur HO

Sankarankovil HO

Nagapattinam HO

Namakkal

Avadi Camp HO

Tenkasi HO

Tiruvarur HO

Tiruchengodu

Chengalpattu HO

Madurai HO

Pattukottai HO

Udagamandalam

Arakkonam HO

Tallakulam HO

Tiruthuraipoondi HO

Coonoor

Ranipet HO

Arasaradi HO

Pudukottai HO

Pollachi

Kanchipuram HO

Ramanathapuram HO

Tiruchirappalli HO

Udamalpet

Tiruvallur HO

Paramakudi HO

Lalgudi HO

Salem

Tiruvannamalai HO

Sivaganga

Srirangam HO

Atur

Arni HO

Manamadurai

Perambalur HO

Suramangalam

Pondicherry HO

Periyakulam HO

Turaiyur HO

Tirupur

Villlupuram HO

Bodinayakanur HO

Thanjavur HO

Mettupalayam

Tindivanam HO

Tirunelveli

Papanasam HO

Dharapuram

Vellore HO

Palayankottai

Mannargudi HO

Kangeyampalayam

Anna Nagar SO

Ambasamudram

Vridhachalam HO

Tirupattur

Sriperumbudur SO

Tuticorin H.O

Tirukoyilur HO

Gudiyattam

 

Tiruchendur HO

Kallakurichi HO

   

Srivaikuntam HO

Karaikal MDG

   

Virudhunagar

Boiler Project SO

   

Sivakasi

     

Rajapalayam

     

Aruppukottai

     

 

 

Beaming is as easy as 1-2-3!

Are you feeling a little lost after reaching the Beam payment gateway from a different website? Don’t worry because Beaming is easy as 1-2-3!

Step 1-Sign up: All we need is your mobile number, name, date of birth and postal code. You can register online in under 1 minute

Step 2-Load: Of course you need to buy Beam Money to pay with Beam Money- Anytime Anywhere! You can buy Beam money online via Credit/Debit Card/ New banking or even Cash-on-Delivery! There are NO HIDDEN COSTS! You get what you buy!

Step 3-Pay: Complete the original transaction that brought you to us – telecom recharge, e-commerce shopping, bill payments, travel bookings etc.

Join over 10 million customers today.

Happy Beaming J

Neha