ItzCash, DCB Bank unveil new prepaid card

MUMBAI, INDIA: Prepaid card company Itz Cash Card Limited, and Development Credit Bank Limited have launched a multi-purpose prepaid card, in association with payments technology company Visa.

Called Freedom Prepaid Card, it is a multi-purpose card that can be issued to under-banked and unbanked individuals, said a press release.

The card can be purchased at any Itz Cash World Outlet, after completing a one-time registration. Cardholders can then use it to make purchases in store, pay bills and book tickets online, as well as withdraw cash at any ATM that accepts Visa.

Naveen Surya, MD, Itz Cash Card Ltd. said, “We are proud to present a unique 'first co-branded open loop prepaid card.' The launch of this product will provide an instrument to the common man who till today has been marginalized or completely excluded from experiencing the benefits of a ePayment instrument like debit/credit cards.”

“We are excited about this partnership and delivery platform as DCB Bank has a strong commitment to financial inclusion and we believe the DCB ItzCash Freedom Prepaid Card is a very innovative and powerful step towards empowering the urban unbanked segment,” said Murali M. Natrajan, Managing Director & CEO of DCB Bank.