Wirecard Expands Partnership With India's RBL Bank to Further Drive Financial Inclusion
23 Apr, 2019, 06:44 BST
- Consumers now benefit from cash withdrawals, deposits and balance enquiries at Wirecard's nationwide retail agent network
- The new services are powered by India's Aadhaar Enabled Payment Services (AEPS) to enable customer identification at the point-of-sale
ASCHHEIM, Germany and CHENNAI, India, April 23, 2019 /PRNewswire/ -- Wirecard, the global innovation leader in digital financial technology, announced today an expanded partnership with RBL Bank to promote financial inclusion in India. This partnership will make digital payment and banking transactions more readily accessible to all Indian citizens, including those living in remote areas.
In partnership with RBL, Wirecard will empower its retail agents, who serve as customer service representatives in various areas across the country, to enable the financially underserved to access basic payment and banking services. These include cash withdrawals and deposits as well as balance enquiries. Currently, there are nearly 5,000 agents enrolled in the program. Consumers will only need their local Aadhaar identification number – a biometric database that provides a unique identity to each Indian citizen and can be linked to a bank account – to access those services through Wirecard's retail agents. The service is available to all Indian citizens with an Aadhaar number linked to a bank account. Today, around 90% of India's population has an Aadhaar number, and 80% of adults have bank accounts.
Wirecard provides hundreds of thousands of people daily with access to affordable financial services and other related services such as ticketing, mobile top-up, insurance or logistics through its nation-wide retail agent network and offers tens of thousands of retailers the opportunity to earn extra money by driving financial inclusion in India. With the extended partnership with RBL Bank, Wirecard's retail agents can now offer an even broader range of digital financial services.
"Our extended partnership with RBL Bank will help bring even more essential transaction services to both urban and rural residents India-wide, regardless of their bank. As a leading digital financial services provider, we are excited to support this innovative solution," said Anil Kapur, Managing Director India at Wirecard. "Together with RBL Bank, we are addressing the needs of consumers who demand quick and secure financial services, no matter where they are located."
About Wirecard:
Wirecard (GER:WDI) is one of the world's fastest growing digital platforms in the area of financial commerce. We provide both business customers and consumers with a constantly expanding ecosystem of real-time value-added services built around innovative digital payments by using an integrated B2B2C approach. This ecosystem concentrates on the areas payment & risk, retail & transaction banking, loyalty & couponing, data analytics & conversion rate enhancement in all sales channels (online, mobile, ePOS). Wirecard operates regulated financial institutions in several key markets and holds issuing and acquiring licenses from all major payment and card networks. Wirecard AG is listed on the Frankfurt Stock Exchange (DAX and TecDAX, ISIN DE0007472060). Visit us on www.wirecard.com, follow us on Twitter @wirecard and on Facebook @wirecardgroup.
About RBL Bank:
RBL Bank is one of India's fastest growing private sector banks with an expanding presence across the country. The Bank offers specialized services under six business verticals namely: Corporate & Institutional Banking, Commercial Banking, Branch & Business Banking, Agri Business Banking, Development Banking and Financial Inclusion, Treasury and Financial Markets Operations. It currently services over 5.82 million customers across 21 Indian states and Union Territories. RBL Bank is listed on both NSE and BSE (RBLBANK). Further details: www.rblbank.com.
Wirecard media contact:
Wirecard AG
Jana Tilz
Tel.: +49(0)89-4424-1363
Email: jana.tilz@wirecard.com
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SOURCE Wirecard AG