KVB launches prepaid wallet card in Karur
Karur Vysya Bank has launched ‘Enkasu’, a pre-paid card in Karur. In response to the digital initiative of Government of India, the bank undertook ‘Quit Cash Movement’ in Karur – a movement to reduce the usage of cash in the district of Karur.
Headquartered in Karur, the bank was established 104 years ago. KVB has seven branches in the town with a customer base of 1.60 lakh, out of an estimated population of about three lakh. In spite of providing debit and credit cards to its customers, many of them still prefer to transact by cash. The bank realised that the major impediment in the use of cards is the minimum transaction amount for which a card could be swiped. Those who transacted with cash had to accept alternates to cash such as toffees, chocolates etc from some establishments.
In order to solve this problem, Karur Vysya Bank has introduced Enkasu card. Enkasu works on Near-Field Communication (NFC) technology in a semi closed loop. The cardholder can make ‘tap & go’ payments for even small purchases to merchants for as little as Re 1. Doing away with the need for cash and small change, Enkasu card will be beneficial to both merchants and customers alike. In addition, Enkasu cards are unique in that they can be accepted ‘online’ as well as ‘offline’ thereby, increasing its utility manifold as internet access is not mandatory for its usage.