Axis Bank launches ‘Suvidha Prepaid Card’

Excelsior Correspondent
JAMMU, Apr 21: Axis Bank, India’s third largest private sector bank in partnership with Suvidha Infoserve, today announced the launch of ‘Axis Bank- Suvidha Prepaid Card’, a first of its kind
initiative in the Banking Industry, which leverages the e-KYC platform for instant on-boarding, cash deposit and withdrawal for the customer.
This 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. 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.
Under the Axis Bank Suvidha program, the customer gets an Axis Bank Prepaid Card issued instantly through the Aadhaar eKYC platform. This allows the customer to load funds into the card immediately and the card then can be used at any POS terminal, ATM anywhere in the country and also can remit money to any other domestic bank account through the BC network.
HR Khan, Deputy Governor, Reserve Bank of India unveiled the Axis Bank Suvidha prepaid card in presence of Shikha Sharma MD and CEO of Axis Bank, Paresh Rajde, Founder and Chairman, Suvidha Infoserv and Ari Sarkar, Country Corporate Officer, MasterCard.
Speaking at the launch of the service, Shikha Sharma said, “It is our constant endeavor to provide easy and safe access to banking service for the under banked segments in the country. The Axis Bank Suvidha Prepaid card is another initiative that will take us closer to our Vision of reaching out profitably to 5% of the country’s bankable population and will help many more customers to enter the Banking network.”

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