Sensing an Opportunity in Getting the UnBanked in India to use Banking Services, SBI introduced the Smart Payout Card in the Pre-Paid segment especially targeting Blue Colored Workers who have no Bank accounts.
Features of the SBI Smart Payout Card
- Employers can give to any of their employees or contract workers, labors or managers managing small tasks
- A Maximum Withdrawal Limit of Rs 25,000 per month
- The Card can be re-filled with a maximum amount of Rs 10,000
- Card can be used to Withdraw cash in ATM
- Nominal Transaction Charges Apply when the card is used at Point of Sale System at Retailer or Merchant. Is the transaction charge same as Merchant Discount Rate for Debit Cards which is lower than Credit Cards ?
Some of the unanswered questions are – What happens in case of Card Loss ? Is it the same as loss of CASH? or Can the Card Purchaser Block the same ? Who will re-issue the card ?
We hope more banks will introduce such cards under the RuPay Transaction System instead of VISA / Mastercard thus enabling a large Electronic Payment Network for Indians.