BANKIT Prepaid Cards - Multi Purpose Reloadable Cards

Prepaid cards as a method of payment in India is rapidly gaining popularity as there is a rise in the disposable income of the consumers, digital shifts and demonetization and other government policies encouraging a cashless economy. The tremendous growth in the e-commerce industry in the country has also facilitated the growth of prepaid cards.

Prepaid cards are not only a convenient payment alternative but also safe and provide protection against carrying large sums of money. The prepaid card industry in India is not new; players have leveraged these cards to provide solutions like gift cards, meal cards and other prepaid cards for employees for a long time now. These prepaid cards can be of two kinds: reloadable and non-reloadable. The non-reloadable cards are often termed gift cards and has been a popular option for organizations to incentivize employees or retailers who provide a gifting option which is not products but card that can be used by the receiver to buy products of his/her choice.

These cards look a lot like a debit or credit card but are different as it is loaded with funds before an actual purchase is done. Unlike the debit or credit card, the prepaid card does not require any association with a bank account or a valid credit score. This card is a convenient cashless option for those who do have access to banks or often shy away from digital banking solutions. These cards are often customized according to the distributor, for example Logos of organizations are placed on meal cards and gift cards.

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