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Indepay introduces Prepaid Debit Cards to address Urban Underbanked
Indepay Networks introduced its Prepaid Debit Cards, targeted at the under-banked and unbanked urban dweller. A first of its kind, Indepay Prepaid Debit Card will extend the benefits of banking to wider audience of consumers providing them with a safe and secure solution to transact online as well as be able to deposit and transfer cash to their friends and family.
Indepay's Prepaid Debit Card will allow users to load money through direct deposits at banks, ATMs and through online funds transfer from existing bank accounts, as well as by making deposits at any Indepay merchant or partner. The funds deposited can then be utilized to purchase goods and services through Business Correspondents at retail points of sale as well as be withdrawn as cash from Indepay's merchant and partner network enabled as Business Correspondent, cash advances at PoS or through ATMs.
Spurred by the RBI's recent initiatives towards building a strong and accessible payments framework Indepay's solution provides an attractive solution for housewives, youth & students who may not have personal bank accounts as well as for the over 100 million circular contractual and semi-formal industrial wage earners who leave their home to work in bigger cities. Indepay's solution builds on the current rural banking infrastructure which consists of about 30,000 bank branches and 1,20,000 post offices and helping transfer funds to the beneficiaries in a seamless manner.