LIC CSL launches prepaid gift card in collaboration with IDBI Bank on RuPay platform

By: |
June 16, 2021 3:20 AM

Eyeing a future foray into the market of e-gift cards, Shagun will be available to LIC and its subsidiaries/associates for official use in the initial phase. The card will be used to facilitate awards and special rewards during official conferences/ functions.

With the wide acceptability of RuPay, the Shagun Gift Card can be used at millions of merchant outlets and e-commerce websites in India to diversify spending options on the card.

LIC Cards Services (LIC CSL) has launched a contactless prepaid gift card, ‘Shagun’, in collaboration with IDBI Bank on RuPay platform. Its aim is to expand the gift card market with an intent to promote cashless ways of gifting, thereby presenting a wide range of end-use choices.

Eyeing a future foray into the market of e-gift cards, Shagun will be available to LIC and its subsidiaries/associates for official use in the initial phase. The card will be used to facilitate awards and special rewards during official conferences/ functions.

The Shagun Gift Card offers customisation in the form of flexible loading of any amount ranging from Rs 500 to Rs 10,000. With this card, a customer can perform multiple transactions within the validity of three years. With the wide acceptability of RuPay, the Shagun Gift Card can be used at millions of merchant outlets and e-commerce websites in India to diversify spending options on the card.

The card will provide users the freedom to make purchases at various merchant locations, including departmental stores, petrol pumps, restaurants, jewellery and apparel stores. They can also shop online, pay utility bills, book tickets for air, rail,bus through various mobile wallets and e-commerce portals or apps using this card.

The card’s contactless (tap & go) feature is aimed at transforming the transaction experience for users. Users need to tap their Shagun Gift Card at the contactless point of sale (PoS) terminal and make payments without having to enter the PIN for purchases of up to Rs 5,000. The card comes pre-wrapped, ready for gifting, and also has the provision to include personalised messages for the recipient. It gets auto-linked to a feature-rich mobile app, ‘m-passbook’, giving real-time access to transaction history, balance, etc. Also, a dedicated in-house customer support team will be available 24×7 for any customer grievance.

LIC Cards Services spokesperson said, “We are delighted to partner with IDBI Bank and RuPay for the launch of LIC Gift Card powered by IDBI Bank on RuPay platform. We believe that gifting is one of the biggest social interactions and social events in our society. The number of occasions for gifting is not just confined to festivals but also includes several personal moments and we want to make these moments thoughtful, warm and full of personal attention by launching LIC Gift Card – ‘Shagun’. We aim to enhance the value of digital transactions by providing a variety of benefits/cards thereby saving time and cost of transactions for both gift card buyer and recipient. LIC CSL have a vision to be the top brand in cards and digital payments, catering to all segments with geographical spread across the country.”

Rakesh Sharma, MD & CEO, IDBI Bank said, “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.”

Dilip Asbe, MD & CEO, NPCI said, “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. At NPCI, it is our constant endeavour to bring exciting innovations to corroborate adoption of digital transactions. 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.”

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