A Case For Prepaid

.....Electronic prepaid technology can potentially transform the provision of basic banking services to such individuals. ‘Know your Customer’ (KYC) requirements are much lower for prepaid instruments in most developed nations. Another key consideration is that the technology and operational cost of offering prepaid accounts is much lower than that of ‘no frills’ bank accounts, making it commercially more viable for banks and governments trying to extend banking services to these segments. The Reserve Bank of India’s Payment System Vision Document (2012-15) has, in this context, rightly identified use of e-prepaid instruments as one of the primary approaches to enable financial inclusion........

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