State Bank of India has launched a network-branded prepaid card in Hyderabad, India, an official from the Mumbai-based bank tells PaymentsSource.
“This is a Visa-branded card, which is now available at all our branches in the city,” he says. “The prepaid card was first launched in the cities of New Delhi, Mumbai, Chennai and Bangalore, and is yet to be taken national.”
According to the official, consumers may use the magnetic stripe prepaid gift card, which costs 500 rupees (US$10.74 or 7.73 euros), at all merchant locations that accept Visa.
The bank limits how much consumers and others may load into the card accounts. “Individuals can top up a card up to 20,000 rupees, while companies and organizations are only allowed to top up to 5,000 rupees.”
Cardholders can check account balance and print card statements at State Bank of India ATMs, according to the official.
