Axis Bank Ltd. on May 23 launched a reloadable prepaid card for children that their parents can manage remotely.
The issuer designed the Rupee-denominated, Visa-branded prepaid card for children who live away from home, a customer service representative from the Mumbai-based bank tells PaymentsSource.
“It can be used for cash withdrawals at ATMs, at merchants and online,” she says.
Customers may load value into the card account in any denomination up to 50,000 rupees (US$1,105 or 786 euros) at any Axis branch using cash or a check, the representative adds. The bank eventually intends to add more deposit options, such as online funds transfers, she adds.
“Parents have the advantage of being able to track their children’s spending as well as being able to directly send funds to them,” the representative says. “Parents will also be able to set usage limits as well as ATM-withdrawal limits on the card.
Customers pay a one-time fee of 250 rupees, and the issuer waives the 100-rupee annual fee the first year. Account reloads cost 25 rupees, and Axis charges cardholders 20 rupees when they use another bank’s ATM to withdraw funds.
The bank is offering two variants of the card, one anyone older than 18 or who is a parent can apply for and another only parents can obtain for their children, according to the representative.
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