Private sector lender, Axis Bank has introduced a new money management tool known as 'My Money Card'.

It is a prepaid card launched on Visa platform. It is reloadable in nature. It can be mainly used by customers to send money to their children staying away from home.

It can be accessed at ATMs, POS terminals as well as for online transactions.

"The MY MONEY CARD is designed to meet the banking/ payment needs of the youth. It is an excellent tool to make today's youth financially responsible by making them aware of their expenses and inculcating a habit of spending wisely.

The card also gives parents the opportunity to track their wards' spends and a convenient mode of disbursement of funds," Visa said.

Axis Bank's President & Head-Retail Banking R K Bammi said, "Axis Bank is the leader in the prepaid cards business and is currently offering a bouquet of innovative rupee-denominated prepaid cards to customers for different payment needs.

Axis Bank is committed to being a total solutions bank and the MY MONEY CARD is another step in that direction".