LIC CSL launches RuPay Prepaid Gift Card 'Shagun' powered by IDBI Bank
Mumbai, June 16, 2021
LIC Cards Services Limited (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, a press release from LIC, IDBI and the National Payments Corporation of India (NPCI) said.
In the initial phase, Shagun card will be available to LIC and its subsidiaries and associates for official use. The card will be used to facilitate awards and special rewards during official conferences and functions, the release said.
The Shagun Gift Card offers customization 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, jewelry stores, apparel stores, etc. They can also 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 release said.
"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 INR 5000. The card comes pre-wrapped, ready for gifting, and also has the provision to include personalized messages for the recipient. The Card 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 24x7 for any customer grievance," it said.
A spokesperson for LIC Cards Services Limited (LIC CSL) said, “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. We aim to enhance the value of digital transactions by providing a variety of benefits/cards, thereby saving time and cost of transactions for both Gift Card buyer and recipient. LIC CSL have a vision to be the top brand in Cards and Digital Payments, catering to all segments with geographical spread across the country.”
Rakesh Sharma, MD & CEO, IDBI Bank said, “In continuum with our on-going 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.”
Dilip Asbe, MD & CEO, NPCI said, “We are thrilled to partner with LIC CSL and IDBI Bank for the launch of Shagun Gift Card on RuPay network. We believe that this card will provide a delightful shopping experience to cardholders and will act as a comprehensive gifting option with the utmost convenience owing to the vast and extensive network of RuPay. At NPCI, it is our constant endeavour to bring exciting innovations to corroborate adoption of digital transactions. 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.”
LIC Cards Services Ltd., (LIC CSL) was incorporated on 11th November 2008 as a wholly owned subsidiary of the Life Insurance Corporation of India.
National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India.
NPCI has created a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC Fastag) and Bharat BillPay. NPCI also launched UPI 2.0 to offer a more secure and comprehensive services to consumers and merchants.