The Axis Bank in partnership with Suvidhaa Infoserve on Tuesday launched ‘Axis Bank- Suvidhaa Prepaid Card’, a first of its kind initiative, which leverages the e-KYC platform for INSTANT on-boarding, cash deposit and withdrawal for the customer.
While talking to mediapersons on Tuesday, Rahul Bhamburkar, CEO, Suvidhaa said ‘Axis Bank Suvidhaa prepaid card’ is built on three components - the large reach of the Business Correspondent network; instant eKYC, based on Aadhaar; and the ability of Prepaid Cards to be usable everywhere (interoperability). These come together to create a unique solution for the migrant population, who have hitherto found it difficult to access basic banking services for savings or money transfer.
Detailing about the Axis Bank Suvidhaa programme, Rajiv Anand, Group Executive and Head Retail Banking, AXIS Bank stated that the customer gets an Axis Bank Prepaid Card issued instantly at any Suvidhaa Business Correspondent (BC) outlet, through the Aadhaar e KYC platform. This allows the customer to load funds into the card immediately at the BC outlet; the card then can be used at any POS terminal, ATM or BC outlet anywhere in the country and also can remit money to any other domestic bank account through the BC network.
Anand informed that key benefits of the programme for the customer are- provides a safekeeping option for customer funds through a Prepaid Card, allows real-time, multi-channel access to the funds through POS, ATM and the BC network, leverages technology to provide instant on-boarding and authentication.