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December 17, 2013

HDFC, ItzCash and Visa team up to launch new prepaid card in India

HDFC Bank, ItzCash Card and Visa have teamed up to launch a new co-branded prepaid card, ItzCash HDFC Bank Prepaid Card, in India.

By Verdict Staff

HDFC Bank, ItzCash Card and Visa have teamed up to launch a new co-branded prepaid card, ItzCash HDFC Bank Prepaid Card, in India.

The new card is an extension of many products developed by ItzCash, and allows customers to perform financial transactions such as bill payment and money transfer without the need of bank account.

ItzCash Card managing director Naveen Surya said this represents the next phase of growth for Indian prepaid card industry as a whole.

"Being a pioneer of prepaid cards in India, we have consistently focused on improving and benchmarking our product offerings to the consistently evolving customer needs across India," Surya added.

"Partnering with one of the largest bank in the country would not only enable us to empower our customers efficiently; but more so would expand the realm of the still-nascent prepaid cards industry in India to cater to newer customers and geographies using HDFC Bank’s vast presence and network."

Parag Rao, senior executive vice-president, business head – card payment products & merchant acquiring services, HDFC Bank said, "We are confident that it will be a valuable addition to our growing portfolio of products. Customers can now avail of this card to make payments for daily purchases and bills, while keeping a track of their expenses."

The ItzCash HDFC Bank Prepaid Cards on the Visa technology payments platform are currently available for purchase at select ItzCash world outlets in the Indian cities of Mumbai and Delhi.

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