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Prepaid Card

We are providing both Virtual and Physical Cards you can use to pay for things. You buy a card with money loaded on it. Then you can use the card to spend up to that amount. A prepaid card is also called a prepaid debit card, or a stored-value card. You can buy prepaid cards at many stores and online.
A survey published by the University of Illinois in 2020 indicates that more than 190 million Indians still do not hold formal bank accounts and primarily depend on cash-based transactions. Owing to this huge number, India is only second to China in the world for having so many people without bank accounts. While this number is a clear indication of the progress needed in the banking sector, it also indicates the opportunity for new products that can service this unbanked population. One such product that can truly digitalize the unbanked population and introduce them to the banking channel is prepaid cards.

What Is a Prepaid Card?

Prepaid cards are fast emerging alternatives to cash and debit cards all around the world and as a developing country; India needs to embrace the use of prepaid cards as this helps both individuals as well as businesses to manage their cash flow and expenditures.
In simple terms, a prepaid card can be loaded pertaining to the user’s requirements which enables users to transact on online websites and at POS terminals at merchant outlets in India. The advantage of the prepaid card as compared to a debit or credit card is the fact that, since a prepaid card is loaded with a certain amount before usage, the user can keep better track of their expenses and also not worry about monthly bills.
Prepaid cards for business expenses or personal expenses are the future as these will help millions of unbanked Indians to gain better control over their finances. Although credit and debit cards might look like the ultimate solution now, prepaid cards are the best instruments for financial inclusion, when it comes to those who are socio-economically disadvantaged or are not aware of complicated banking processes.

Core Benefits of Physical Prepaid Cards:

• Ability to use online and POS (point-of-sale) in store
• Easy for the participant to use
• Can be used all over the globe
• Co-Branding with your business (the card can have your logo or company info)

what is a Virtual Prepaid Card?

A virtual prepaid card is very similar to a physical prepaid card. Except for only being able to access and use the card for online purchases, a virtual prepaid card offers all of the same options as a physical prepaid card.
Note: It is essential when you are offering either product as an incentive in your program to establish what your participants’ shopping habits are like or whether they more frequently shop online or shop in a store.

Core Benefits of Virtual Prepaid Cards:

• Instant issuance and instant use by participants
• Ability to shop anywhere online as long as the merchant accepts Visa cards
• No wait on the card delivery
• No way for the card to be lost
• Easy for the participant to use
• Co-Branding with your business (the card can have your logo or company info)
• No production cost

What are reloadable cards?

Reloadable cards are not gift cards, credit cards, or debit cards. For instance, UnitePay Reloadable Cards are contactless-enabled Cashback cards that work like debit cards. They are not tied to a bank account and thus provide a convenient and more secure way of spending money. You can easily load these cards online or in-store with the required amount and use them anywhere — POS, ATM, and online payments.

Core Benefits of Reloadable Cards

• Can be reloaded at any time on-the-go
• Track expenses with a user-friendly dashboard
• Earn cashback on eligible spends and save money
• Starting with zero balance, no minimum balance is required
• Fast and secure cashless payments, both online and in-store
• Set spending limits and reduce excessive spending with just one tap
• Ideal for cash withdrawals, shopping, bills, and other daily expenses These cards allow you to see how and where you’re spending your money, so you can make adjustments as needed. To avoid the hassle of receipts, these cards provide real-time updates and help you stay within budget.