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

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

 

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, 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 towards 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 Indiacan 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/PacificMiddle 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," saidAnand 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.

 

About Beam

 

Beam (www.beam.co.in [http://www.beam.co.in ]) 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 [http://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.

 

Link : http://zeenews.india.com/biz/wire.html?doc=201303010643PR_NEWS_EURO_ND__enIN201303015700_indiapublic&dir=25 

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

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

 

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, 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 towards 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.

 

About Beam

 

Beam (www.beam.co.in [http://www.beam.co.in ]) 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 [http://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. 

 

Link : http://businesstoday.intoday.in/prnewswire/index.jsp?doc=201303010643PR_NEWS_EURO_ND__enIN201303015700_indiapublic&dir=25

 

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/

Chairman & MD Beam Money, Mr. Anand Shrivastav's exclusive interview with Knowledgefaber

 

 

 

Mobile Payments has potential to reach the unbanked population of India: CMD Beam Money

FINN

Mobile Payments has potential to reach the unbanked population of India: CMD Beam Money

February 18, 2013 by (FINN) Frontier India News Network

Given that mobile payments is the future of non-cash payment mechanisms in India, Frontier India (FINN) quizzed Anand Shrivastav, Chairman  & Managing Director, Beam Money, on various aspects of mPayments:

FINN: Safety of Mobile payment

AS: Mobile is probably the safest and most cost efficient way of dealing with payments. A company that wants to set up a mobile payment business has to follow the same procedures with Reserve Bank of India that financial institutions like banks, NBFC’s and others have to go through. Mobile payment company is classified as a Payment Gate by RBI. An approved company sets up an escrow account with a bank. When printing or creating the money recharge coupons, the company deposits the equivalent amount of money in the escrow account. Beam Money has data centers at 3 locations, which helps in disaster management and business continuity. We follow the industry standard encryption so that the data is not compromised. Backgrounds are checked and training imparted before appointing a company staff. Software ensures that personal information is not accessible. There is a 16 digit Transaction Identification Number (TIG), which is unique to the customer. Even the transactions are have a different number, so that cloned cards and data interception become ineffective. On point of sales level, there are no physical coupons, so the question of fakes does not arise. A customer gets instant confirmation of his transactions.  

                                                                                   

FINN: It brings in the potential of money laundering

AS: No sensible person will use the mPayment route for money laundering because the large payments and SIM’s can be tracked easily. There is actually a compliance mechanism for the payment gateways to track and report such activities.

FINN: How easy is mobile payment?

AS: For transactions on Beam Money, there are no software’s to download. Even a basic phone can be used for money transfers. Recharges are available via 50,000 channel partners. We even have women Sahayak’s who sell recharges and women are gainfully employed. Beam Money is being used by 14 million customers in India.

FINN: What is the market size?

AS: India has a 40% unbanked population that have no access to alternative method of financial services. Around $600 Million worth of cash transfers occur in India in a year. mPayment market is expected to witness robust growth, driven by high mobile penetration, increased affordability of mobile phones and reduced mobile network tariffs. Accessibility of payments platforms through numerous technology mediums such as mobile wallets is expected to lead to wider reach for mPayments.

FINN: Future plans of the company

AS: Beam Money’s mobile wallet has rolled out its Air Ticket booking service in 100 Post Offices across Tamil Nadu. Customers can book domestic as well as international air tickets at a Post Office near them, at an economical price, without requiring credit/debit card or net banking. We plan to roll-out such initiatives. We closed our books at Rs 90 crore in the current financial year and are hoping to earn Rs 125 crore in 2012-13. Our aim is to reach 100 million customers and 6 lakh Beam sahayaks by 2015-16.

Read more: http://frontierindia.net/mobile-payments-has-potential-to-reach-the-unbanked-population-of-india-cmd-beam-money#ixzz2LKlfOnBD 

 

Exclusive covarage in Mobility Magazine: Beam Unveils Beam Mobile Money Payment System

 

Beam’s App for iPhone/Pad was reviewed on NDTV

Beam’s App for iPhone/Pad was reviewed on NDTV India, NDTV 24x7, NDTV Profit! Click on the links below to watch the coverage!!

 

NDTV 24x7 http://www.youtube.com/watch?v=SnhhGX1XxTA

NDTV Profit http://www.youtube.com/watch?v=IkHyzt1cbkA  

NDTV India http://www.youtube.com/watch?v=OMK04n3p5xc

Beam Money introduces Mobile Wallet app for iPhone

Coverage in The DQ Week, Dated 14th January 2013 on the launching of Beam app. Have you downloaded Beam iPhone app yet? To download now Click https://itunes.apple.com/us/app/beam-wallet/id576687274