The department of post (DoP) will soon launch a pre-paid smart card that can be used like a debit card to pay bill at stores, make transactions on internet as well as on mobile.
These cards will be issued at post offices and can be loaded with amount ranging from Rs 1,000 to Rs 50,000. DoP has partnered with HSBC, ICICI Bank and IDBI for this project.
The card can be operated at merchant establishments or ATMs where Master Cards are acceptable and in the respective post offices.
DoP is awaiting approval from the Reserve Bank of India and hopes to launch it by May 15.