The PayPers reports that SmartCard Marketing Systems is to market the prepaid gift cards via its Velocitymoney.com website. As a result of the deal, online customers can activate, load and select shipping options on the cards on their website. SmartCard Marketing Systems markets MasterCard and Visa-branded prepaid cards, as well as prepaid wireless and long-distance cards and payment processing services.
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According to Collette Walsh, moneysupermarket.com; prepaid cards are a great way for individuals looking for the freedom of a credit card without the high interest rates, penalties and large fees associated with traditional credit cards. In her recent article in The Indepedent, she encourages travelers to use prepaid cards (which we covered in our last post) because it offers realtime exchage rates for purchase.
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Wealthy individuals in India looking to have the convenience of a prepaid card could face problems if they try to load more than Rs50,000 onto their prepaid cards. According to TaxGuru.com, The central bank has also laid down certain exceptions in KYC requirements available only in cases wherein semi-closed system payment instruments up to Rs 1,000 may be issued subject to reporting of annual turnover or suspicious transactions. The issuer should ensure that, under no circumstance, more than one card is issued to the same person. It seems that this restriction on prepaid cards limits stems from India's fight against terrorism. Because loading cash to a prepaid card can be relatively anonymous, India may be looking to protect the country's citizens with these measures. What do you think?
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