A day after government announced a slew of incentives for payments through digital mode, Canara Bank today launched a prepaid card as part of efforts to attract more and more people towards cashless transactions.
"As a strategy towards achieving cashless payments, the prepaid card is introduced to replace cash payment for small value ticket transactions," Canara Bank MD Rakesh Sharma said.
Prepaid card lets the card holders to use the same for cash withdrawal, purchases at point of sale or internet, Canara Bank said in a statement.
The card holder can prefund the card to his requirement.
It reduces the risk against fraud in usage at POS or internet as the customer can restrict the amount loaded in the card, it said.
Prepaid Cards are next significant trend in consumer payments and the prepaid card market is growing rapidly in India, Sharma said.
In bid to promote less cash economy, the government yesterday announced discount on an array of services from buying petrol to insurance and railway tickets through the digital mode and waived service tax on card transactions of up to Rs 2,000.
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