Money & Banking

HDFC bank launches co-branded prepaid card

| Updated on: Dec 16, 2013

HDFC Bank has launched a co-branded prepaid card to make everyday purchases convenient for consumers.

In a tie up with payment and Prepaid Card Solutions provider, ItzCash Card Limited, 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, the company said in a statement.

The ItzCash HDFC Bank Prepaid Cards on the Visa technology payments platform are available at select ItzCash world outlets in Mumbai and Delhi. The co-branded card will allow consumers to complete financial transactions such as bill payment and money transfer even in the absence of a Bank account.

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.”

Parag Rao, Senior Executive Vice-President, Business Head - Card Payment Products & Merchant Acquiring Services, HDFC Bank said, “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.”

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.

beena.parmar@thehindu.co.in

Published on December 16, 2013

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