India’s Yes Bank Marks Big Gains with MasterCard Virtual Prepaid Cards
India’s Yes Bank has issued some 1.7 million MasterCard-branded virtual prepaid cards since launching the program in January 2016, making it one of the largest issuers of those cards in the world, the financial institution says.
The cards, launched with Singapore-based fintech and mobile wallet firm Matchmove, target customers who do not have credit cards or access to online banking. Consumers can use the virtual cards online or via their mobile phones to make payments and purchases.
“This entire payment experience has seen huge adoptions from consumers across the board,” said Porush Singh, MasterCard’s country corporate officer for India. Yes Bank says it’s “generating” nearly 15,000 new virtual prepaid cards each day, and that cardholders use them to make more than 5,000 transactions daily, with an average ticket size of about $5. The bank didn’t provide any details on how long consumers are retaining the cards.