Prepaid Cards
A prepaid card is a payment card issued by a bank and loaded with a specific value on behalf of a corporate (paying organization) to a payee (recipient). The payee can withdraw cash or pay for purchases at merchant stores and online web portals up to the value loaded on the card.
Product Features
- It is simple to use, like any other debit or credit card, withdrawals and payments are made using standard card technology, i.e. RuPay, Visa or Mastercard branded PIN enabled.
- Once the money has been spent, the card is disposed or is reloaded (depending upon the type of prepaid instrument issued).
- while the cardholder ends up getting a physical or electronic prepaid instrument, there is no need to open any saving or current account with the bank.
- To safeguard against frauds or unauthorized usage of the card if it is lost or stolen, transactions done on merchant stores or on a website is protected with additional PIN or password known only to the card holder.
