Wirecard, the digital financial technology company announced on Wednesday (April 24) that it has expanded a partnership with RBL Bank to promote financial inclusion in India.
In a press release, Wirecard said the partnership will make digital payments and banking more accessible to all of the citizens in India, including people living in more remote areas of the country. As part of the partnership, Wirecard will empower its retail agents, who act as service representatives across India, to enable those underserved by the financial system to access basic payment and banking services such as cash withdrawals, deposits and balance inquiries.
According to Wirecard, there are close to 5,000 agents enrolled in the program. Consumers will only need their local Aadhaar identification number to access the services through Wirecard's retail agents. The service is available to all citizens in India with the Aadhaar number linked to a bank account. Wirecard said about 90 percent of citizens have an Aadhaar number, while 80 percent of adults have bank accounts.
“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 Managing Director India Anil Kapur in the press release. "Together with RBL Bank, we are addressing the needs of consumers who demand quick and secure financial services, no matter where they are located.”
The expanded deal with RBL Bank comes on the same day SoftBank announced it is investing EUR 900 million in Wirecard. Under the deal, Wirecard will issue convertible bonds to SoftBank with terms of five years. It is convertible for about 5.6 percent of Wirecard stock at EUR 130 per Wirecard share. Shareholders of Wirecard have to sign off on the deal at the company’s annual shareholders meeting on June 18.