Xpress Money has announced the launch of India’s first remittance card — the PNB Xpress Money Remit Card — in partnership with Punjab National Bank.
It is a prepaid product that offers dual benefit of “debit plus remit”.
K. R. Kamath, Chairman and Managing Director, PNB, said customers anywhere in India can withdraw foreign remittances through ATMs using the card. The card will be accepted at Point of Sale (PoS) terminals for shopping needs.
The card, facilitating foreign inward remittances under Money Transfer Service Scheme (MTSS), will enable Xpress Money customers to send and receive money overseas.
Recalling the changes in the remittance business from bank drafts to cash and later cash to card, Kamath said that the new card is a cost-effective and time-saving channel for customers, eliminating the hassles of agent visits, backend charges and other related payment issues.
The card also enables users to make partial or complete withdrawal of funds.
According to Y. Sudhir Kumar Shetty, COO – Global Operations, UAE Exchange, the prepaid card facility will be available to the beneficiaries free of cost and with no annual fees at any of the UAE Exchange branches in India.
Speaking on the occasion, Sudhesh Giriyan, Head, Xpress Money Business, said the company is confident that Indian users will benefit immensely from the convenience, flexibility and security offered by the card.
The cardholders can withdraw up to Rs 25,000 a day through ATMs and be used for shopping across PoS machines anywhere in India, he said.
Source: The Hindu Business Line
By: V. Sajeev Kumar