Muthoot arm teams up with Axis Bank for prepaid cards

Muthoot Vehicle and Asset Finance Ltd has signed an agreement with Axis Bank for launching Muthoot shopping/utility prepaid cards.

This prepaid card can be used at all merchant outlets on Axis Bank PoS (Point of Sale) / EDC machines.

Comprehensive programme

Mr George Alexander Muthoot, Managing Director, MVFL, said that this comprehensive programme targeting the common man is a secure, efficient and cost-effective payment system.

The prepaid card will be available at all Muthoot branches and can be reloaded from any of them for a maximum amount of Rs 10,000 at any given time. Initially the card will be introduced in Kerala and later on the other States also.

The company has already identified and begun the activation of EDC machines in select merchant locations for this purpose. Muthoot plans to bring in the usage of the card through online portal too, he said.

Mr Jacob Ninan, circle head (Kerala), Axis Bank, said the bank is very happy to join hands with Muthoot Vehicle and Asset Finance Ltd for this initiative.

We are confident that Muthoot shopping / utility prepaid cards will find ready acceptance within their customer target groups.

MVFL is the vehicle financing division of Muthoot Group.

The company has made considerable forays into financing of used and new commercial vehicles and has built up a notable presence in the state in the field of second hand vehicle financing.