In Wake of Cash Restrictions, Prepaid Cards Target Migrant Workers, Tourists in India
With India’s recent banning of high-denomination paper currency pushing the country’s traditionally cash-dependent economy further toward electronic payments, two new prepaid products have launched there to serve the needs of specific market segments.
India’s RBL Bank has teamed up with Wirecard subsidiary GI Technology to launch a new open-loop prepaid card in the country. The RuPay Prepaid Card will feature co-branding from RBL and GI Technology’s ICashCard remittance unit, and is available at more than 150,000 retail locations throughout India, or through the ICash Website or mobile app. Targeted for use by migrant workers and their families, as well as micro-businesses, the card can be used to make in-store and online purchases, as well as ATM cash withdrawals. The RuPay card is the first partnership between RBL and GI Technology, but the companies intend to collaborate often in the future, planning “many” more co-branded card issuances, according to a GI executive.
Meanwhile, Pay Award-winning Indian payment services provider ItzCash has launched a new prepaid card for tourists visiting the country. The company has begun offering the card at the international airport in Mumbai, and plans to expand availability to the Delhi and Goa airports soon. The cards could be a help for foreign visitors to India, many of whom have reported difficulties obtaining paper currency, especially smaller bills, which have become coveted since the Indian government declared the larger 500- and 1,000-rupee notes invalid last month in what officials described as a bid to combat counterfeiters and terrorist financing.