Citibank launches pre-paid US dollar card in India

Emerging Markets Economy, Nov 18, 2002

Citibank has launched a pre-paid US dollar card along with Visa international. Business manager Atul Malik told reporters in Mumbai that the bank would issue prepaid cards for amounts ranging from US$500 to US$10,000, subject to Reserve Bank of India norms.

According to India Express, the customer can purchase goods and services at point-of-sale machines besides withdrawing cash from ATMs, he said.

He added the bank's credit card base would touch 17 lakh by December 2002. Next year would see the issuance of another three lakh cards, he predicted.

Currently travelers cheque and cash have a 50 per cent share each in overseas spending and world money prepaid card would provide option for electronic payments, Malik said. (Emeconomy.com)