TranServ Aims to Expand Use of Electronic Payments in India Through Prepaid Cards
2 Pages
English
Downloading requires you to have access to the YouScribe library
Learn all about the services we offer

TranServ Aims to Expand Use of Electronic Payments in India Through Prepaid Cards

Downloading requires you to have access to the YouScribe library
Learn all about the services we offer
2 Pages
English

Description

TranServ Aims to Expand Use of Electronic Payments in India Through Prepaid Cards PR Newswire MUMBAI, July 11, 2012 MUMBAI, July 11, 2012 /PRNewswire/ -- TranServ Private Limited, a prepaid payments program manager, announced that it has raised capital from Nirvana Venture Advisors Private Limited to assist them in their plans.

Subjects

Informations

Published by
Reads 22
Language English

Exrait

TranServ Aims to Expand Use of Electronic
Payments in India Through Prepaid Cards
PR Newswire
MUMBAI, July 11, 2012
MUMBAI
,
July 11, 2012
/PRNewswire/ --
TranServ Private Limited, a prepaid payments program manager, announced
that it has raised capital from Nirvana Venture Advisors Private Limited to assist
them in their plans. As part of the deal Amit Patni, Chairman of Nirvana Venture
Advisors and Rajan Mehra, Managing Director of Nirvana Venture Advisors will
join the TranServ board.
Founded in 2011, TranServ offers prepaid card programs to banks, retailers
and other companies who can take advantage of leading technology,
specifically tailored for the Indian market. A number of banks and other
companies want to expand into prepaid products but are currently hampered
by the need to adapt to existing systems and the unavailability of a low cost
delivery and operating model.
Anish Williams, Co-founder & CEO of TranServ, while announcing the deal
commented, "We are excited to partner with Nirvana Venture Advisors. This
investment will help scale up our operations and resources to deliver our
current and planned payment products."
Prepaid cards will play an increasingly important role in financial inclusion and
enable presently under banked communities to buy and pay electronically. "We
offer our clients a turnkey solution to build, operate and manage innovative
prepaid programs including mobile payment solutions, delivered through a low
cost platform and the wide spread distribution of business correspondents,"
added Williams.
Rajan Mehra, Managing Director, Nirvana Venture Advisors, said, "At Nirvana,
we believe that the payments landscape is transforming in
India
and that offers
a large opportunity for new products and business models. We are excited by
what TranServ is creating and the team has rich experience in the payments
business. This investment allows us to align with them at the right stage and
also participate in their future success."
TranServ's initiative to improve the electronic payment mode will play a key
role to increase the efficiency of electronic payments in
India
.
About TranServ:
TranServ is a prepaid program manager, headquartered in
Mumbai
, offering
prepaid payment solutions to clients and thereby enabling new customer
segments to transact electronically including the presently under banked
communities. TranServ enables distribution of payment solutions through its
business correspondents who are located across
India
and who enable the
under banked communities to transact electronically.
The company has been founded by a group of senior executives from the
banking industry, with extensive experience in the payment businesses.
TranServ's objective is to partner with banks to deliver payment solutions
through existing banking platforms. The initial focus is on developing electronic
payment solutions for underserved communities.
About Nirvana Venture Advisors:
Nirvana Venture Advisors is an early-stage venture capital fund, focused on the
internet, mobile and electronic payments space. The fund makes early stage
investments in companies which can benefit from the favourable Indian
demographic, rapid consumerization and increasing penetration of always-on
internet in
India
. The founding team of professionals has a strong track record
and extensive operating experience in the internet and IT space. The fund has
been anchored by the Patni family, pioneers in the Indian ITES ecosystem. For
more details, visit www.nirvanaventures.in
Primary Media Contact: Madhulika Gupta,
madhulika.gupta@reputesolutions.com, 91-22-26059019, 91-9821125392