Press Releases2012Feb 09, 2012
IDBI Bank and ItzCash in association with MasterCard launch 'Freedom Prepaid Card'
Itz Cash Card Limited, India's leading Prepaid Card Company, IDBI Bank, India's youngest new generation public sector universal bank and MasterCard, the leading payments technology company launched Freedom Prepaid Card, India's first re-loadable multi-purpose co-branded Prepaid Card.« Back
The Freedom Prepaid Card is a multi-purpose card that will serve as an alternative to cash transactions done at retail touch points, which are equipped with PoS terminals. The card is primarily targeted at certain sections of the society, particularly youth, who prefer to pay for goods and services using cash. The Freedom Prepaid 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. The Freedom Prepaid Card provides unrivalled convenience, security, and enables cardholders to better manage their cash. As a co-branded product, the card will carry the logos of IDBI Bank and Itz Cash.
The Indian card acceptance market in the physical environment is gaining momentum with the total number of PoS terminals deployed across the country at over 5 lakhs and the number of active ATM machines standing at over 85000. A similar kind of dominating figure is being reflected in the Indian population, where the youth population of our country stands at 47% of India's 1.21 billion population. Most of the purchases done by youth are impulsive and are transacted through cash. Keeping in mind their shopping traits, both offline as well as online, Freedom Card will thus empower them with balancing their monthly budget without having them to open and maintaining a bank account.
Expressing delight on the launch of Freedom Prepaid Card, Mr. Naveen Surya, Managing Director, 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 enhance the day-to-day shopping experience 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".
Speaking on this occasion, Shri R M Malla, CMD of IDBI Bank said, "IDBI Bank, a full service, tech savy commercial Bank was the first Bank in India to launch a prepaid Gift Card in 2003. Since then, we have introduced many variants of prepaid cards to cater to distinctive market segments. In the years to come, prepaid cards will act as a convenient mode of cashless payments in the hands of un-banked and under banked population of the country. There is a huge potential in the Indian prepaid card market to be unlocked. To capitalize on this opportunity, IDBI Bank is pleased to associate with Itz Cash Card Limited, a leading player in the prepaid card industry, for its first co-branded pre-paid card. As we see it, “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".
The youth segment in India is highly dynamic and has an appetite for payment solutions that provide flexibility, convenience and added security," says TV Seshadri, General Manager, South Asia and Country President - India, MasterCard Worldwide. "MasterCard is pleased to collaborate with IDBI Bank and Itz Cash Card Limited to unveil the Freedom Prepaid Card which has been designed with the needs of this burgeoning segment in mind. We hope to empower the youth as well as foster safe and responsible spending with the launch of this card."
The key attributes of Freedom Prepaid Card include:
1) Convenience - simple to use and easy to pay for purchase of goods and services at over 5 lakh merchant outlets in India, including online, point of sale terminals and ATMs that accept MasterCard.
2) Security - enables cardholders to load the card and carry their cash in a safe manner rather than carry or store cash at homes. Furthermore, cardholders can avail of all security features provided by MasterCard on their prepaid products.
3) Control - helps better cash management and controlling spends with clear track on the budget.