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LIC Cards Services with IDBI Bank has launched a contactless prepaid gift card called ‘Shagun’ on the RuPay platform.
“The purpose of this card is to expand the gift card market by replacing the cash to plastic market and to e-gift cards in future and also to contribute towards digital India,” LIC said in a statement on Friday.
For now, the card has been launched for internal use of LIC and its subsidiaries and associates but in coming months it will also be rolled out for the public.
“LIC Card Services plans to utilise its wide distribution channel for making it available to the public at large across all geographic locations,” the statement further said.
With three years’ validity, the card comes with flexible loading options of amounts ranging between ₹500 and ₹10,000. It is also accepted at merchant outlets and e-commerce websites in the country.
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