Mumbai: Private sector lender Axis Bank announced the launch of 'MY MONEY CARD', an innovative money management tool aimed at the youth. The Card is a prepaid, re-loadable, rupee-denominated card on the VISA platform which enables parents to disburse money to their children staying away from home. The Card can be used for cash withdrawals at ATMs, POS transactions at VISA enabled terminals and for online shopping through 'Verified by VISA', a press release issued here stated. "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," it 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".