Yes Bank and ezspend launch prepaid cards
To offer prepaid cards in the denominations of Rs. 500-50,000Tweet
-- Yes bank, India's fourth largest private sector Bank, has launched a multipurpose prepaid card in association with ezspend prepaid payment solutions on the MasterCard platform.
The Yes bank - ezspend Card is a preloaded payment card that can be used to make purchases at POS terminals and even for online shopping across India on the MasterCard network. The Card is one of the safest transaction options as each account is linked to an online card tracking system which monitors and helps the account holder to track each transaction and provides a detailed statement every month. The customers are also updated through SMS/email alerts for each transaction, including balance statements.
Commenting on the offering, Chitra Pandeya, Sr. President and Country Head, Savings Liabilities Management, Cards and Direct Banking, Yes bank stated, "Yes bank has a significant commitment in promoting cashless transactions as they encourage transparency and offer great utility to consumers, including ease of managing their resources. The current offering in association with ezspend adds to our prepaid product suite and will be effective in achieving our objective of promoting a cashless ecosystem"
Prepaid cards are the safest form of financial cards as the user defines and manages the credit limits for these cards. It is ideal for users who are not comfortable handling a large amount of money i.e. 1st time card users or simply for users who want to keep minimal risk/exposure on their card. Unlike a credit card, a prepaid card doesn't need a financial background check and has minimal documentation requirements.
Speaking on the launch, Neha Jetley, Director,ezspend prepaid payment solutions said "ezspend has a vision to empower unbanked or underbanked individuals with a prepaid payment instrument, thus, giving them the power to shop, dine, buy tickets and pay bills at a physical location or online. Our mission is to develop products and services that help unbanked and underbanked consumers take their first step towards a smarter way to spend, save and manage their money."
The Yes bank-ezspend card can be purchased at any ezspend retail outlet in Delhi/ NCR after completing a one- time registration process or through home delivery by calling + 91 92 666 36 888.
At present, this product line in association with Yes bank and MasterCard is available in the Delhi/NCR and Gurgaon region with a goal to attain 1 lakh customers by the end of the year.
Over the next three years, ezspend will expand to other Tier 1 and Tier 2 cities and have over 100 locations across India.
Notes to Editor
About YES BANK LIMITED
YES BANK, India's fourth largest private sector Bank, is the outcome of the professional & entrepreneurial commitment of its Founder, Dr. Rana Kapoor and his top management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the Future Businesses of India. YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers. YES BANK has a knowledge driven approach to banking, and a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving as the Professionals' Bank of India with the vision of "Building the Best Quality Bank of the World in India" by 2015.
About EZspend Prepaid Payment Solutions:
EZspend Prepaid Payment Solutions Pvt. Ltd. (EZspend) was founded by Neha Jetley in early 2011 and is based out of Gurgaon, Haryana. EZspend is a marketer of prepaid payment solutions in India. These are multipurpose cards that can be used on the MasterCard network across India to make payments at physical locations and online.
EZspend is in the business of selling prepaid cards across India. We have launched our product line in association with YES BANK and MasterCard in the Delhi/NCR region with a goal to attain 1 lakh customers by the end of the year.