“Commonwealth Card” Offers Banking Services to the Unbanked in India

vIndianz.com (Oct. 8, 2009) — Commonwealth Micro Finance (India) Ltd (CMFIL) is launching ‘Commonwealth Card’, a multi-purpose Prepaid Card in India, as part of its endeavour to extend basic banking services to the un-banked segment of the population.

Dr_abdulkalam Dr APJ Abdul Kalam, former President of India, will formally launch the REPCO Bank co-branded Commonwealth Card on 8th October 2009, at a function to be held at Chennai.

The benefits of the Commonwealth Card are, secure storage of money, anytime access to the money, instantaneous Card-to-Card Fund Transfer and cash-less purchase of goods & services.

Commonwealth Card would be available in both physical & virtual forms. While Physical Commonwealth Card can be used on POS, ATM and other such devices, the Virtual Commonwealth Card would enable a customer to use his / her Mobile Phone itself to avail of the Mobile Banking & Mobile Commerce services.

Commonwealth Card is one of the most secure cards; the physical Commonwealth Card transactions would be authenticated through PIN and / or Biometric; virtual Commonwealth Card transactions would be authenticated through PIN.

In future, the Commonwealth Card would offer such other benefits as micro insurance, health care services, educational grant, Value Added Services, etc.

Commonwealth Micro Finance (India) Ltd (CMFIL) is an associate of UK-based Commonwealth Business Council – a non-profit organization formed through the Charter of 53 Commonwealth Heads of Government.

The Commonwealth Card would be made available across the State of Tamil Nadu and thereafter, across the country, in association with multiple Issuer Banks. .

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“Commonwealth Card” Offers Banking Services to the Unbanked in India

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