MMP Mobi Wallet Payment Systems, a subsidiary of Tata Teleservices, announced a tie up today with Manappuram Finance, one of India’s leading gold loan NBFCs, for providing online repayment option to its customers.
At present, gold loan customers have to physically go to the NBFC’s branches every month to pay interest and keep the loan in ‘good condition’.
“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,” the companies said.
“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,” they said.