ItzCash Card Ltd., a Mumbai-based prepaid cards provider, has launched a Visa-branded prepaid card with Development Credit Bank Ltd., the companies announced Jan. 26.
This is the first prepaid card the company has launched in collaboration with a bank, aiming to garner customers who consider a bank-branded card more reliable than others, a spokesperson for the company tells PaymentsSource.
Consumers may use the Freedom Prepaid Card at all ATMs and merchant locations that accept Visa, he says, adding that they may purchase the card at any ItzCash World Outlet after completing a one-time registration form.
The companies initially rolled out the card only in Mumbai, but they soon plan to extend the offering across India.
In the registration process, applicants that provide a proof of address and identity may recharge their card account with up to 50,000 rupees (U$1,008 or 768 euros) instead of up to 10,000 rupees for not doing so. Similarly, the annual transaction limit rises to 600,000 rupees from 200,000 rupees, depending on whether the applicant has completed the registration process.
“The minimum recharge amount is 250 rupees, while the card can be bought for 100 rupees,” the spokesperson says. Until Feb. 28, consumers pay only 50 rupees for a card as part of the inaugural offering.
“Reloading of the cards can be done at the 40,000 ItzCash World outlets across India for a nominal recharge fee,” he says, noting the card expires within five years of its issuance.
ItzCash is India’s largest nonbank issuer of semiclosed prepaid cards and is one of the first companies to introduce and facilitate mobile and e-commerce services for India’s consumers. A third party issues semiclosed prepaid cards instead of the retailer that accepts them. Cardholders may redeem the value in their card accounts at multiple merchants within a geographical area.
ItzCash’s flagship product is the ItzCash Card, a scratch-off card with an account number and password used to initiate online and mobile-payment transactions. ItzCash Cards are available in various denominations ranging from 750 rupees to 9,000 rupees.
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