Axis Bank | Axis Bank Launches Prepaid Card for the Unbanked

In a move towards a cashless society, Axis Bank has collaborated with Suvidha Infoserve to launch a prepaid card. The card aptly title Axis Bank-Suvidha prepaid card leverages e-KYC platform to help customers deposit and withdraw cash instantly. MD & CEO of AXIS Bank, Shikha Sharma said, “The Axis Bank Suvidhaa 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.”

The Axis Bank-Suvidha Prepaid Cardis specifically targeted at migrants who need to financially support their families in rural India. It is based on three pillars: Aadhaar e-KYC platform, interoperability, The vast network of Axis Bank and Suvidha Infoserve. These three pillars together present a wonderful solution for the migrant population who have until now faced difficulty in accessing banking services. Customers can take the prepaid card from any Suvidha Business Correspondent outlet and transfer funds to it soon after. They can then use the card at any merchant terminal, ATM or Business Correspondent outlet in the country. They can also use the card to transfer money to any other domestic account.

Benefits of the Axis Bank-Suvidha Prepaid Card

  1. Instant onboarding and authentication
  2. Real-time, multi-channel access to funds
  3. Funds transfer and bill payments
  4. Inclusion of under banked individuals in the banking network

Founder and Chairman of Suvidhaa Infoserve, Paresh Rajde said “This is a first-of-its kind program in the country and a revolution in the Banking industry. The Axis Bank – Suvidhaa Prepaid Card is 100% paperless, issued & activated instantly, riding on Aadhaar eKYC. Cardholders can send money, withdraw cash at any Bank‟s ATM or use it Online/any PoS Terminal besides our large BC-Agents Network across India.”

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