Indian Railways is always a step ahead when it comes to promoting the vision of Digital India. Continuing the same especially towards promoting digital payment initiatives, Indian Railways has announced the launch of its first prepaid card cum wallet – iMudra through IRCTC.
The Indian Railway Catering and Tourism Corporation (IRCTC) is currently managing the e-ticketing services of Indian Railways on their official website – www.irctc.co.in and has now come up with this new innovation of internet wallet cum Visa powered prepaid card in association with Federal Bank Ltd. and MatchMove India. The project has been conceived and launched in accordance with the RBI’s Master directions on Prepaid Payments Instruments (PPI).
According to a press release issued by WR CPRO Ravinder Bhakar, The iMudraVisa prepaid card will reside in the IRCTC iMudra digital wallet in virtual form through which customers can buy train tickets, tourism products, air tickets, other online merchandises and services as well as do peer to peer money transfers.
The iMudra Visa prepaid virtual card will also be offered to customers in physical form on demand so that the customers can use the physical cards in various merchant outlets as well as for withdrawing cash present in the wallet. The customers will also be the option to have enhanced spending, cash transfer and receiving limits by completing their full KYC verification.
The Android iMudra App is available for free download from Google Play Store and will soon launch the iOS version. Through this new initiative, iMudra Visa prepaid card promises to go well beyond the well-established railway ticketing, tourism and catering business of IRCTC and provide financial inclusion to over 7 crore customers registered with the company for travel and tourism services.