Press Releases2011Dec 23, 2011
ItzCash and DCB Bank in association with Visa launch Freedom Prepaid Card in Mumbai
Itz Cash Card Limited - India's leading Prepaid Card Company, Development Credit Bank Limited - India's leading emerging private sector bank and Visa - the leading payments technology company launched the Freedom Prepaid Card, India's first multi-purpose Prepaid Card on 21st December, 2011.« Back
The Freedom Prepaid Card is a multi-purpose card that can be issued to under-banked and unbanked individuals. The Freedom Prepaid Card can be purchased at any Itz Cash World Outlet, after completing a one-time registration. Cardholders can then use the Freedom Prepaid Card to make purchases in store, pay bills and book tickets online, as well as withdraw cash at any ATM that accepts Visa. The Freedom Prepaid Card provides unrivalled convenience, security, and enables cardholders to better manage their cash.
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 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 . Through ItzCash's competitive leadership and by using innovative technology we aim to empower the masses and make digital transactions an everyday phenomenon heralding the drive towards a cashless economy".
Speaking on this occasion, Mr. Murali M. Natrajan, Managing Director & CEO of DCB Bank said, "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."
Mr. Uttam Nayak, Group Country Manager - India and South Asia, Visa, said, "We are pleased to be an integral part of this first of its kind multi-purpose prepaid card in India. Freedom Prepaid Card is extremely versatile and provides the cardholder with an easy-to-use, extremely secure and widely accepted product. Innovative products like the Freedom Prepaid Card can play a crucial role in driving inclusive growth across the country, by enabling many Indians to enter the formal financial system and benefit from the convenience and security of electronic payments, while driving more transparency and efficiency within the payments system."
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 Visa.
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 Visa on their prepaid products.
3) Control - helps better cash management and controlling spends with clear track on the budget.
Freedom Prepaid Card Features
The Freedom Prepaid Card is an Open Loop Card and India's first co-branded open loop prepaid card, launched by Itz Cash Card Limited, In association with DCB Bank Ltd. and powered by VISA
The Freedom Prepaid Card is valid for a period of 5 Years from the date of issuance.
The Freedom Prepaid Card is accepted at over 500,0000 POS outlets - part of VISA network, at over 10000 ItzCash merchants for digital payments & cash withdrawal at over 65,000 ATMs
The Freedom Prepaid Card is a reloadable card with a minimum reload value is Rs. 250 and a maximum of up to Rs. 50,000
The Freedom Prepaid Card can be reloaded at ItzCash franchisee branded as ItzCash World (ICW)
The annual limits of transaction (From date of Card activation) is Rs. 2,00,000 (if PAN Card details are not provided) & Rs. 6,00,000 (If PAN Card details are provided)
The Freedom Prepaid Card offers Insurance Cover against Loss of Card/fraudulent use of Card ,Accident & Death Cover & Health Insurance for self & Spouse
The Freedom Prepaid Card can be hot listed in case of loss or theft of Card
The Freedom Prepaid Card holder can also open a No Frills Account with DCB Bank Ltd with zero minimum balance requirement.