Enkasu card launched
Part of: GS Prelims and GS-III – Science and Technology
- Karur Vysya Bank has launched Enkasu, a pre-paid card, in Karur (Tamil Nadu) to reduce cash transactions.
- En-Kasu in Tamil means – “My Money”
- Enkasu works on Near Field Communication Technology in a semi-closed loop.
- The cardholder can make tap-and-go payment for all purchases, even as meagre as Rs. 1.
- The Enkasu card will be beneficial to both merchants and customers alike.
- They can be accepted online as well as offline.
- Internet access is not mandatory for usage.
- It can be recharged through multiple means – through KVB’s mobile App DLite, UPI, NEFT or through KVB branches in Karur.
- Non-customers can also get an Enkasu card even if they do not have a bank account anywhere.
- Most merchant establishments across Karur will accept the card.
- KVB is also planning to expand the usage of Enkasu to other districts in Tamil Nadu.
Prelims Value Addition
Near Field Communication
- Near Field Communication (NFC) is a short-range wireless connectivity standard that uses magnetic field induction to enable communication between devices when they’re touched together, or brought within a few centimetres of each other.