The Business Bytes
TBB BUREAU
MUMBAI, JUNE 15, 2021
LIC Cards Services Ltd (LIC CSL) has launched a contactless prepaid gift card ‘Shagun’ in collaboration with IDBI Bank on the RuPay platform.
The purpose of this card is to expand the gift card market with an intent to promote cashless ways of gifting and present a wide range of end-use choices and in future foray into the market of e-gift cards, LIC CSL said in a statement.
Shagun card, in the initial phase, will be available to LIC and its subsidiaries for official use. The card will be used to facilitate awards and special rewards during official conferences and functions.
The Shagun Gift Card offers customisation in the form of flexible loading of any amount ranging from Rs 500 to Rs 10,000. With this card, the customer can perform multiple transactions within the validity of 3 years.
With the wide acceptability of RuPay, the Shagun gift card can be used at millions of merchant outlets and e-commerce websites in India to diversify spending options on the card. The card will provide users the freedom to make purchases at various merchant locations including departmental stores, petrol pumps, restaurants, jewellery stores, apparel stores, etc, the company said. They can also use it shop online, pay utility bills, book tickets for air, rail, bus, and so on through various mobile wallets and E-commerce portals or apps using this card.
The contactless (tap & go) feature of the card is aimed at transforming the transaction experience for users.
The cardholders just need to tap their contactless Shagun Gift Card at the contactless Point of Sale (PoS) terminal and make contactless payments without having to enter the PIN for purchases up to Rs. 5,000.
The card comes pre-wrapped, ready for gifting, and also has the provision to include personalised messages for the recipient. It gets auto-linked to a feature-rich mobile app ‘m-passbook’ giving real-time access to transaction history, card balance, etc. Also, a dedicated in-house customer support team will be available 24×7 for any customer grievances.
“We are delighted to partner with IDBI Bank and RuPay for the launch of LIC Gift Card powered by IDBI Bank on RuPay Platform. We believe that gifting is one of the biggest social interactions and social events in our society. The number of occasions for gifting is not just confined to festivals but also includes several personal moments and we want to make these moments thoughtful, warm and full of personal attention by launching LIC Gift Card – SHAGUN,” said Spokesperson of LIC Cards Services Limited.
“In continuum with our ongoing business synergies with LIC, we are glad to also have NPCI and LIC Cards Services Ltd as partners on-boarded for this initiative. This product has been curated keeping in mind the distinct privileges for the cardholders as well as the convenience of the contactless payment feature,” said Rakesh Sharma, MD & CEO, IDBI Bank.
“We look forward to continued collaboration with LIC CSL and IDBI Bank to take this product to the masses in coming months and further strengthen our customer base,” Dilip Asbe, MD & CEO, NPCI.
