Axis Bank has introduced biodegradable prepaid gift cards to mark the World Environment Day. The bank’s head of payments business Sangram Singh said consumers as well as institutions are growing conscious of the environment and ecological footprint of business activities and are looking for environmental friendly solutions. The card made of biodegradable plastic will help spread awareness about the benefits of such products, he added. The cards will be acceptable at all domestic merchant outlets and online portals. According to a circular issued by the Reserve Bank of India, the maximum validity of pre-paid gift instruments is 3 years.
