Axis Bank to issue biodegradable prepaid gift cards
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New Delhi: Axis Bank Ltd on Tuesday announced biodegradable prepaid gift cards on the occasion of World Environment Day.
“Consumers as well as institutions are growing conscious of the environment and ecological footprint of business activities and are looking for environmental friendly solutions,” Sangram Singh, head of payments business at Axis Bank said in a statement.
The card made of biodegradable plastic will help spread awareness about the benefits of such products, Singh added. The cards will be acceptable at all domestic merchant outlets and online portals.
Biodegradable plastics can break down safely into their raw materials and do not release harmful substances. They can also be recycled.
According to a circular issued by the Reserve Bank of India on 1 July 2014, the maximum validity of pre-paid gift instruments is three years.