India’s Suvidha launches ‘Beam’

Suvidha has launched ‘Beam Mobile Transaction Service's' which can be used by customers of any Indian telecom operator, using entry level mobile equipment so they can transact regardless of having any banking relationship.

Beam enables individuals, small merchants, farmers and micro-entrepreneurs to make and receive payments allowing them to integrate and benefit from the growing economic opportunities.

Beam's ‘Mobile Micro Payment Service' is used in conjunction with a Beam prepaid gift shopping card or credit/debit card. Using Beam, customers of any telecom operator are able to make payments to subscribers, merchants and utilities registered with Suvidha.

Customers register by sending basic details via SMS and setup their Beam subscriber account. The registration is paperless and free of cost. Beam prepaid cards (of various denominations) can be purchased from any retailer and the amount topped up in the subscriber's Beam account through SMS. After topping up the subscriber can transact using SMS, whilst customers who have credit/debit cards can transact without having to purchase Beam prepaid cards.

Subscribers can send gift-payments to each other, make payments for shopping of goods and services as well as utility bill payments, remit loan installments and receive micro credit. In addition the initiative helps its subscribers benefit from Micro Finance, Micro Insurance, Micro Investments as well as Money Transfers.