As a part of efforts to attract more and more people towards cashless transactions, Canara Bank, launched Canara Prepaid Card, which lets the card holders use the same for Cash Withdrawal, Purchases at Point of Sale Internet.

The card holder can refund the card to his requirement and hence safe, secure and convenient payment tool. It reduces the risk of fraud in usage at POS / the Internet as the customer can restrict the amount loaded onto the card, Canara bank said in a statement.

"As a strategy towards achieving cashless payments, the prepaid card is introduced to replace cash payment for small value ticket transactions," Canara Bank MD Rakesh Sharma said, reports PTI.

The card holder can refund the card to his requirement. It reduces the risk of fraud in usage at POS or the internet as the customer can restrict the amount loaded onto the card, it said.

In a bid to promote digital transactions amid cash crunch following the withdrawal of old Rs 500 and 1,000 banknotes, the government has waived off service tax on debit and credit card transactions of up to Rs 2,000 on Friday and also given a slew of discounts from buying petrol to insurance and railway tickets through the digital mode.

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