The gift card comes with loading options ranging between ₹500 and ₹10,000 can be used for contactless transaction up to ₹5,000
The card will be available only to LIC and its subsidiaries and associates; a public launch will happen in coming months
LIC Cards Services Limited (LIC-CSL) joined hands with IDBI Bank to launch launched contactless prepaid gift card ‘Shagun’ on RuPay platform. This card is meant to expand the gift card market with an intent to promote cashless ways of gifting and present a wide range of end-use choices while preparing for the foray into e-gift card market.
The Shagun card will initially be available to LIC and its subsidiaries and associates for official use and will be used to facilitate awards and special rewards during official conferences and functions. It will be introduced in the open market in coming months via a digital platform, LIC-CSL said.
The Shagun Gift Card offers flexible loading amounts, ranging from ₹500 to ₹10,000 and validity of 3 years. Benefitting from the the wide acceptability of RuPay, the Shagun gift card can be used at millions of merchant outlets and e-commerce websites in India, LIC-CSL noted.
"The card will provide users the freedom to make purchases at various merchant locations including departmental stores, petrol pumps, restaurants, jewelry stores, apparel stores, etc. They can also shop online, pay utility bills, book tickets for air, rail,bus, and so on through various mobile wallets and E-commerce portals or Apps using this card," the LIC subsidiary said in a statement.
Cardholders can use contactless tap-and-go feature of the Shagun gift card at a compatible Point of Sale (PoS) terminal and make digital payments without having to enter the PIN for purchases up to ₹5,000. The card comes pre-wrapped, ready for gifting, and also has the provision to include personalised messages for the recipient. The Card can also be easily linked to ‘m-passbook’ mobile app giving real-time access to transaction history, card balance, etc.
“In continuum with our on-going business synergies with LIC, we are glad to also have NPCI and LIC Cards Services Ltd as partners on-boarded for this initiative. This product has been curated keeping in mind the distinct privileges for the cardholders as well as the convenience of the contactless payment feature," said Rakesh Sharma, MD and CEO, IDBI Bank.
“We are thrilled to partner with LIC CSL and IDBI Bank for the launch of Shagun gift card on RuPay network. We believe that this card will provide a delightful shopping experience to cardholders and will act as a comprehensive gifting option with the utmost convenience owing to the vast and extensive network of RuPay. We look forward to continued collaboration with LIC-CSL and IDBI Bank to take this product to the masses in coming months and further strengthen our customer base," said Dilip Asbe, MD and CEO, NPCI.