The Debit and Credit Cards have become have become integral part of our life in the present day world. Of late, some other cards viz. Prepaid cards and Deposit Cards are also occupying an important space in our lives. These cards are coming up with different features to suit the requirements of individuals as well corporates.
Prepaid instruments (PPIs) have emerged as one of the most convenient payment tools for the people due to their under noted features:
i) Wide Acceptance - Accepted across most merchant outlets and online portals
ii) Virtual Card - Buy and deliver online without getting a physical card
iii) High Security - Secure usage with a unique PIN
iv) Flexible Denomination -Load any amount between Rs. 500 and Rs. 50,000.
Some popular pre- paid cards of leading Indian Banks
i) SBI - Smart Payout Card, Achiever Card, Insta Deposit Card
ii) ICICI Bank - Multi Wallet Card, Pay Direct Card, Pocket
iii) Axis Bank - Suvidhaa Prepaid Card, Smart Pay Card, Rewards Card,
iv) HDFC Bank - Forex Plus Platinum Card, Money Plus Card, Food Plus Card
v) Kotak Mahindra Bank - Kotak ItzCash Prepaid Card, Multi Currency world Travel Card.
Banks issue Prepaid instruments (PPIs)as per RBI guidelines. The PPIs are of following three categories:-
I. Closed System Payment Instruments:
These instruments facilitate purchase of goods/services from issuer outlets and do not permit cash withdrawal or redemption like Big Bazar payback cards, Amazon Gift Cards, Flipkart Gift Cards. As such these instruments are not covered under payment systems.
II. Semi-closed System Payment Instruments:
These are the payment instruments which can be used for purchase of goods and services, including financial services at a group of clearly identified merchant locations/ establishments and do not permit cash withdrawal or redemption by the holder.
III. Open System Payment Instruments:
Diese Geschichte stammt aus der September 2017-Ausgabe von BANKING FINANCE.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der September 2017-Ausgabe von BANKING FINANCE.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
ICICI Bank partners with PhonePe to offer instant credit on UPI
ICICI Bank announced that it has partnered with PhonePe to offer instant credit on UPI to its pre-approved customers on the app of the digital payments company.
Indiagold Eyes Major Expansion in India's Gold Loan Market
Indiagold, a prominent fintech company specialising in gold loans, is set to disrupt the gold loan industry with its ambitious expansion plans and innovative product offerings.
RBI CIRCULAR
Facilitating accessibility to digital payment systems for Persons with Disabilities Guidelines
Legal News
The Supreme Court announced the launch of a new webpage on its official website providing summaries of landmark judgments.
The Role and Impact of the Insolvency and Bankruptcy Code (IBC) in NPA Recovery
Indian banks, especially grappling with the mounting challenge of Non-Performing Assets (NPAs) within Scheduled Commercial Banks (SCBs), are experiencing a significant downturn in their capacity for credit recycling, resulting in reduced business opportunities and declining profits. However, various factors contributing to the severity of NPA problem are including macro-economic, political, and internal factors, emphasizing the complexity of the issue. With this background, the present study puts an effort to look at the role of the Insolvency and Bankruptcy Code (IBC) in NPA recovery and also showcasing its significance in resolving insolvency and maximizing creditor recovery.
Big Data in Banking: Analysing its Role, Advantages and Challenges
Globally Inflation started rising post April 2021 and went above the target range set by most of the Central Banks. It had remained low and dormant for a substantial duration since the global financial crisis. CPI inflation in developed countries such as US, UK and Euro zone, began to exceed their traditional target of 2% and continue to stay at these elevated levels till recent time.
Is SIP Always the Best Option? A Look into Lump-Sum vs SIP During Volatile Markets
SIP is a method of investing a fixed amount at regular intervals, typically monthly, into a mutual fund. It allows investors to buy more units when prices are low and fewer when prices are high, a process known as rupee cost averaging.
Strategies for Mutual Fund Retail Investors during market downturns
When stock markets experience a decline, mutual fund investors often face a sense of insecurity and apprehension. The volatility can lead to impulsive decisions, which, rather than securing financial health, may impair long-term investment objectives.
The Rise of Green Marketing: Driving Sustainable Change
Green marketing refers to the practice of promoting products or services that are environmentally friendly or sustainable. It involves incorporating eco-friendly elements into various aspects of marketing strategies, including product development, packaging, advertising, and distribution.
Fraud Risk Management In Banking
Fraud risk management is a fundamental aspect of overall Risk Management within the banking sector. In India, banks adhere strictly to guidelines set forth by the Reserve Bank of India (RBI) to prevent, detect, and promptly report fraudulent activities.
