State Bank of India Launches Prepaid Card for Remittances (July 9, 2013)
July 9, 2013
State Bank of India (SBI) has partnered with Indian forex firm UAE Exchange and Financial Services Ltd. to launch a co-branded prepaid card enabling users to receive remittances directly on the card. The State Bank Xpress Money Card, which runs on the Visa network, can be loaded with up to Rs50,000 (US$831.90) at any UAE Exchange and Financial Services branch, and the card allows a maximum of 30 remittances loaded during a calendar year. Consumers can use the card to withdraw cash from any bank ATM, as well as for POS and e-commerce transactions.
The card will benefit unbanked consumers, according to SBI officials. In January, SBI was one of five Indian banks to join a government-led effort to expand basic financial services to the country’s 400 million unbanked consumers. The State Bank Xpress Money Card is the second prepaid card launched by SBI within the past three months. The FI announced in April a Visa-branded prepaid card for use by students and blue-collar workers. Mechanical and technology manufacturer Bosch India was the first corporation in India to issue the State Bank Smart Payout Card to employees.