Public sector lender IDBI Bank, prepaid card company Itz Cash
Card Limited, and payments technology company MasterCard have
launched Freedom Prepaid Card, a re-loadable multi-purpose
co-branded prepaid card.
Aimed primarily at the younger sections of the society who
prefer to pay for goods and services using cash, the Freedom
Prepaid Card will serve as an alternative to cash transactions done
at retail touch points, which are equipped with PoS terminals. The
card can be purchased at any ItzCash World (ICW) outlet, after
completing a one-time registration. Cardholders can then use the
Freedom Prepaid Card to make purchases in stores, pay bills and
book tickets online, as well as withdraw cash at any ATM that
accepts MasterCard.
Commenting on the launch, R M Malla, CMD of IDBI Bank said,
“Freedom Prepaid Card, through its attractive features, will
motivate the target population to opt for card based payments over
cash payments. As the targeted customer segment also encompasses
under-banked constituents, this would further the cause of
financial inclusion, which is a priority focus area of both, the
nation as well as IDBI Bank.”
Expressing delight on the launch of Freedom Prepaid Card, Naveen
Surya, Managing Director, Itz Cash Card Ltd. hoped that the product
will enhance the day-to-day shopping experience for users without
compromising on the monthly budgets.
“Youth who have been early adopter to new technologies and
products, will now be able to carry a plastic card, which will be
handy and at the same time provide the liberty to use the cards at
various retail outlets. Through Itz Cash’s competitive
leadership and by using innovative technology we aim to empower the
youth and make digital transactions an everyday phenomenon
heralding the drive towards a cashless economy,” Surya
said.
As a co-branded product, the card will carry the logos of IDBI
Bank and ItzCash.
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