ItzCash launched India’s first General Purpose Reloadable (GPR) open loop prepaid card powered by the Visa and MasterCard platform, thereby giving access to all domestic ATM’s and 1 million + merchants for transacting.
The Corporate Prepaid Card offers the ultimate power of controlling how you spend your money. The prepaid card is simple to use over the internet, at merchant establishments,and for cash withdrawals at ATMs. The card also offers freedom of accessibility for a number of payment services anytime-anywhere. These stored value cards can be loaded remotely and work exactly like any other debit card.
- Issuing Banks
ItzCash currently offers Corporate Prepaid Cards in partnership with leading banks.
- Card Association
ItzCash Prepaid Cards are network branded and issued in alliance with Visa as well as MasterCard.
- Card Acceptance
ItzCash Prepaid Cards are accepted by over 8 million merchant outlets which display Visa/MasterCard logos and ATMs on a pan India basis. Additionally, prepaid cards can also be used for e-commerce transactions (online shopping),bill payments, travel bookings and shopping. Prepaid cards cannot be used for non INR transactions and for internationals spending due to regulatory restrictions.
- Card Loading:
The prepaid cards issued under the corporate account may be loaded basis instructions from the authorized corporate representative and funds transfers should be initiated from designated account of the corporate held with a scheduled commercial bank. Such transfers should be in the local currency and from the own account of the corporate.
- Prepaid Card Personalization
ItzCash offers personalization of prepaid cards which means the name of the cardholder (up to 20 characters) can be printed on the card. Additionally, 4th line embossing allows printing of the company name “or” any other details (e.g. employee ID/customer ID etc.) below the cardholder name subject to a maximum character limit. It also offers a personalized card kit that accompanies the welcome letter and envelope addressed by the corporate
- Insta-Issuance Programs
ItzCash also offers Insta Issuance programs whereby non personalized (without the name of cardholder) prepaid cards are preprinted in advance and packaged in a customized welcome kit for over the counter instant issuance to the beneficiary. These cards remain in deactivated conditions with or without value loaded on them until the same cards are issued to individuals. Depending upon the type of prepaid card and program requirements, the cards are activated once the prescribed documents/instructions reach ItzCash.
- Online Usage
Prepaid cards may also be used online across merchant websites for bill payments and online shopping. Online usage of cards requires second level of authentication for security purposes and as per RBI regulation. All online transaction require additional authentication and hence it is critical that all cardholder credentials are updated on the bank’s record. Please also note that only INR transactions are permitted and are restricted to Indian portals only.
- Merchant Discounts & Offers
ItzCash is also part of the associations (MasterCard/Visa) rewards network, which gives all MasterCard/Visa prepaid cardholders access to thousands of discounts when they use their card to make purchases on affiliated stores & online portals. This helps sales professionals make their rewards payout go even further and provides a more enriching cardholder experience.
- Balance Enquiry through ATM
Balance enquiry through ATM is available on all cards. However, as the services are chargeable, usage of alternate channels (SMS/online access) is advisable for cardholders. ItzCash also sends across the current balance available on the prepaid card on weekly intervals and along with transaction alerts.
- MIS and Reports
ItzCash would provide MIS on pre agreed frequencies,loading request status, and load reject reports for overall cards issued. Additional reports for transactional level details would be subject to confidentiality requirements,the nature of the prepaid program, and the ownership of cards and funds.