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Enkasu card launched

  • IASbaba
  • March 23, 2020
  • 0
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Enkasu card launched

Part of: GS Prelims and GS-III – Science and Technology

In News:

  • 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”

Key takeaways:

  • 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.

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