MMP Mobi Wallet Payment Systems, a subsidiary of Tata Teleservices, announced a tie up today with Manappuram Finance Ltd., one of India's leading gold loan NBFCs, for providing a convenient and secure alternative physical and online repayment option to its customers.
The tie up will provide greater payment convenience to Manappuram's customers by enabling access to mRUPEE outlets and also to 2 lakh+ Tata Docomo outlets in the country over a period.
"We see a great synergy in our association with Manappuram Finance and feel that with our collaborative services we can offer convenient and reliable payment options to customers. In a short span of time mRUPEE has garnered a huge trust with a growing customer base and created a strong customer value proposition," said Mr. N. Srinath, Managing Director, Tata Teleservices Limited.
In addition, Manappuram will also integrate mRUPEE's eWallet service which enables repayments and transfer of funds via mobile phones onto its own online repayment platform.
With this, borrowers can make online repayments directly to their accounts through their pre-funded mRUPEE eWallet, even without having access to a bank account or credit card. In fact, this is the first instance in India of an NBFC integrating the eWallet repayment concept into its own system.
Speaking about the tie-up, Mr V.P. Nandakumar, MD & CEO of Manappuram Finance Ltd. said, "As gold loans move up the value chain from a distress to a lifestyle product, the convenience factor will become more critical.
mRUPEE is a fitting choice for us for its large distribution channel, secured network and high customer value. At Manappuram, we have always pitched our gold loans as something which makes life easy. This latest service is part of our continuing quest to exceed our customers' expectations."
Manappuram Finance Ltd. was the winner of the KMA NASSCOM "IT Innovations Award" 2014. The award recognises companies that have made innovation a part of their organisational DNA, and used the innovation engine to reinvent their processes, marketing and product development strategies.