The successful maneuver of digital India is carried out by the newest generations of the country. When everyone enjoys the benefits of prepaid cards, the younger generation will not fall behind in benefitting from the same. A report in October 2021 shows the number of students enrolled in higher education in India is about 34.30 million, with 50.40% male and 49.6% female enrollments.
College life is crammed with various challenges including handling finance. The holding of financial charge to a student is the toughest decision for parents and their children as well. From paying rent to maintaining the funds till the end of the month, students tangle with many such financial problems. The fintech companies came up with a financial solution in the form of Student prepaid cards.
A student card is a preloaded card that can be used by a student and managed by parents. Like every other prepaid card, it is accepted and managed from anywhere at any time. The smart card is favorable not just for students but for their parents and the universities they are enrolled in.
Why choose a Student card?
In India, most students get their funds supported by their parents. In addition, some of the pupils collect their college expense amount through bank loans and few of them apply for scholarships. Despite the diverse category of students, the service of prepaid cards is available for each type of student.
Unlike student credit cards, prepaid cards don’t need to fulfill any eligibility criteria or documentation to support the guaranteed return of the loan since the card needs to be loaded in advance and cannot be used once drained out completely.
The smart card is best for young adults in controlling their overspending with the help of its feature that can set a limit on purchases.
For people learning new responsibilities, it is proved to be a safer means of carrying funds because the card can be conveyed in plastic and in virtual form due to which it is easily mobile and has the attribute to be deactivated in times of theft or loss.
Various Benefits
For universities
Every year universities and colleges have to receive multiple funds from students as the fees for the services that the institution provides, unfortunately, most of the payments take place via cheques or cash. This is where prepaid card plans are helpful; institutions that use prepaid cards for such transactions need not worry about managing reports, keeping track, and collecting the bulk of the money at a time.
Many universities and institutions provide various benefits and scholarships to their bright students; disbursement of such funds is full of hassles and often leads to late distribution to the students. To save the reputation of institutions in these conditions, prepaid cards came to aid as one-time distribution. The college administration can now disburse money to the selected students in just one click after distributing the cards during admission.
The campus is not just a collector of money instead it is consisting of many other facilities also, such as canteens, stationeries, and dispensaries. In addition to fees and scholarship expenditures, the student card is helpful in managing the funds of these facilities as well.
For parents and their child
Most of the youngsters move out of their hometowns to study in colleges which results in them overspending or misusing the given budget. Smart cards make it easy for parents to monitor the expenses of their children and keep a track of their spending through online applications.
A child living far from home might need money anytime. With smart cards, one can ask his/her parents to reload the account with the required funds from anywhere in an instant.
It is now not necessary to visit the university for Paying Bills every time, the student prepaid card gives an effortless approach to the payments of university bills.
The user is free to transport the card anywhere and use it for in-campus as well as for out-campus purchases.
To control the purchases of their child, parents can limit the usage of cards so that their child is unable to consume unnecessary or harmful products.
BankIT’s services
Meet the institution's requirements with BankIT’s customized Visa/MasterCard campaign prepaid card.
BankIT’s cards are useful for students, professors, and campus management for their acceptance in all the services inside or outside the campus.
BankIT Digital Kiosk helps users to promote information sharing, efficiency, and accessibility throughout the campus.
Make online transactions and Digital payments for campus amenities with virtual cards through BankIT’s application.
Effortlessly apply for multiple cards with the help of BankIT’s web portal.
Institutions can personalize and design the card with BYOCP (Build Your Own Card Program) which serves in building a reputation in front of students' families and friends.
BankIT provides a 24*7 customer care service for queries and an instant deactivation feature through the mobile app in case of any theft or loss.
