Mumbai : ItzCash Card Limited, a leading provider of payment and Prepaid Card Solutions has 
partnered with HDFC Bank Ltd., India’s second largest private sector bank and Visa a leading payments technology company, to launch the ItzCash HDFC Bank Prepaid Card. The Co-branded Prepaid card is a product in an extension line to many of ItzCash products, serving the under-banked consumers. The collaboration brings together ItzCash’s understanding of the prepaid payment solutions coupled with HDFC Bank’s understanding of the end-users, as the leading player in the card segment and enabling VISA’s epayments expertise and innovation.
The ItzCash HDFC Bank Prepaid Cards on the VISA platform are available at select ItzCash World Outlets across Mumbai and Delhi. Customers would be able to use the card across the Visa network. The co-branded card will allow consumers a low-cost and convenient way to complete financial transactions such as bill payment and money transfer even in the absence of a Bank account.
Mr. Naveen Surya, Managing Director, ItzCash Card Ltd. said, “This represents the next phase of growth for Indian prepaid card industry as a whole. Being a pioneer of prepaid cards in India, we have consistently focused on improving and benchmarking our product offerings to the consistently evolving customer needs across India. Partnering with one of the largest bank in the country would not only enable us to empower our customers efficiently; but more so would expand the realm of the still-nascent prepaid cards industry in India to cater to newer customers and geographies using HDFC Bank’s vast presence and network.”
Speaking about the new card, Mr. Parag Rao, Senior Executive Vice President, Business Head – Card Payment Products & Merchant Acquiring Services, HDFC Bank said, “We are delighted to launch this new co-branded prepaid card and we are confident that it will be a valuable addition to our growing portfolio of products. Customers can now avail of this card to make payments for daily purchases and bills, while keeping a track of their expenses. Through this product we aim to build convenience and flexibility into our customers’ banking transactions, particularly for underbanked segments that have limited or no access to financial services.”
Since a majority of consumers are focused on managing their finances, prepaid products can be a helpful budgeting tool, while empowering consumers with a better way to make everyday purchases, pay bills and receive payroll deposits. This is a great way to extend access financial products and services to financially underserved consumers.
The ItzCash HDFC Bank Prepaid Card has been launched in Mumbai & Delhi in the first leg. As part of the launch in each of the cities, street plays are being conducted to educate and create awareness amongst targeted customers of the cards’ features.
Mr. Uttam Nayak, Group Country Manager – India and South Asia, Visa, said , “Bringing the benefits of digital payments to the doorstep of millions of under and un-banked Indians in partnership with the Business Correspondent channel and bring about long term sustainable transformation in people’s lives has been the focus for VISA in India. This is yet another example where Visa General Purpose Prepaid Cards in partnership with HDFC Bank empowers everyone, everywhere with un-matched VISA acceptance at merchant outlets, online payments and cash withdrawals.”
Source : Sachin Murdeshwar