Prepaid Cards combine the convenience of a credit or debit card, but allow you to set your spending limit according to your budget. They would be made available to everyone, regardless of credit rating, income, or whether or not you hold an EXIM Bank account. The payment platform for the cards will be the Visa network and transactions will be authorized online, real time with no risk of unauthorized overdraft as customer can only make use of funds they have already paid for.
Benefits of Prepaid Cards to the Customer
- Flexibility to make purchases in different currencies without facing cross currency costs.
- Flexibility to carry 5 currencies on a single card
- Convenience of electronic payments on Card and Online transactions
- Good budgeting tool in managing spending.
- No account opening required.
- An ideal alternative to carrying cash – safe and secure.
- Debit card holders afraid of using their debit cards on the Internet for purchases may obtain a Prepaid Card which can be used solely for that purpose and is not linked to their domicile account.
- Flexibility to load the card unlimited times.
- Easy access to your money through all VISA points internationally – ATMs/POS/Online POS.
PREPAID CARD FEATURES
- The card is Visa branded meaning it is internationally accepted in all Visa acceptance points.
- Cards can be used for ATM,POS and Web transactions
- PIN protected with CHIP technology making it safe and secure to use
- 100% online authorization therefore reducing the risk of exceeding authorized limit.
- Cards are reloadable.
- Balance enquiry.
- SMS transaction alert notification.
- Card to card funds transfer.
- Card portal.
- Top of prepaid card using mobile banking.
APPLICATION PROCESSINGThe request and approval process is as follows:-
c. ID card Number
d. Postal address
e. Geographical address
f. Telephone number and
g. Mobile phone number