One of India’s biggest cities is conducting a huge experiment with prepaid credit cards.
Residents in New Delhi are being offered the chance to take advantage of benefits of prepaid credit cards by the postal department.
These new pay as you go cards would enable people with no access to conventional credit cards or debit cards to use ATMs and make cashless transactions in shops.
Rana Kapoor of Yes Bank comments that ‘it is an excellent platform for reaching out to communities where financial services are difficult to tender.’
Prepaid cards are available in the UK as well and are ideal for people who have bad credit ratings, as they don’t require a credit check.
If the New Delhi experiment is a success, it could provide a model for other countries to follow.
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