New prepaid card will be first in market to offer card-to-card
transfers, remote top-up
MUMBAI, India--(BUSINESS WIRE)--
Western Union (NYSE: WU), a leader in global payment services, ICICI
Bank and MasterCard have joined forces to launch the Western Union®
ICICI Bank Prepaid Card in India.
The card offers millions of underbanked Indians – many who carry cash
24/7 – a safe way to store and access their money anytime along with new
options for saving and spending.
In addition, the card will be the first in the market to allow the
cardholder to load funds on the cards of family members and loved ones
or to transfer funds card-to-card across the nation. This feature, which
Western Union expects to introduce next year, has the power to
financially include millions in a country experiencing an explosion in
rural-to-urban migration.
“Western Union’s vision is to promote financial inclusion in India with
ICICI Bank and MasterCard,” said Mike Hafer, Senior Vice President,
Global Prepaid, Western Union. “The new card will give Indians benefits
similar to those offered by mainstream banked cards without the
restrictions of maintaining an average daily balance limit or being
denied for creditworthiness.”
The Western Union ICICI Bank Prepaid Card has the potential to elevate
Indians into the financial mainstream in a nation where, according to
the World Bank, usage of bank accounts by people 15 and older is 35
percent; just 8 percent receive their wages into a bank account; and 4
percent use an account for business.
Indians can add funds to their cards via direct deposit from payroll or
government payments, by loading their own cash at select Western Union
Agent locations or with a money transfer.
“ICICI Bank is pleased to be associated with Western Union and
MasterCard,” said Mr. Kusal Roy, Head, Cards, Personal Loans and ATMs,
ICICI Bank Limited. “This card will provide the choice, convenience and
safety of a card solution to a large customer base, which is underbanked
and traditionally deals in cash. This is in line with the bank’s
strategy to extend electronic payment solutions across customer segments
and provide a seamless transaction experience to its customers.”
“The power of prepaid to underbanked millions around the world is
invaluable, as it brings them into the financial mainstream,” said T.V.
Seshadri, Division President, South Asia, MasterCard. “MasterCard is
well-positioned to leverage this market opportunity and also grow the
market for prepaid cards in India, thereby driving financial inclusion.
By joining hands with Western Union and ICICI Bank, we are pleased to
offer a game-changer to millions in the form of a prepaid card that is
convenient, safe and provides practical ways to draw cash and spend.”
About Western Union
The Western Union Company (NYSE: WU) is a leader in global payment
services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western
Union Business Solutions branded payment services, Western Union
provides consumers and businesses with fast, reliable and convenient
ways to send and receive money around the world, to send payments and to
purchase money orders. As of June 30, 2012, the Western Union, Vigo and
Orlandi Valuta branded services were offered through a combined network
of approximately 510,000 agent locations in 200 countries and
territories. In 2011, The Western Union Company completed 226 million
consumer-to-consumer transactions worldwide, moving $81 billion of
principal between consumers, and 425 million business payments. For more
information, visit www.westernunion.com.
About ICICI Bank
ICICI Bank is India's second-largest bank, with total assets of Rs.
4,736.47 billion (US$ 93 billion) at March 31, 2012 and profit after tax
Rs. 64.65 billion (US$ 1,271 million) for the year ended March 31, 2012.
The Bank has a network of 2,773 branches and 9,363 ATMs in India, and
has a presence in 19 countries, including India.
ICICI Bank offers a wide range of banking products and financial
services to corporate and retail customers through a variety of delivery
channels and through its specialised subsidiaries in the areas of
investment banking, life and non-life insurance, venture capital and
asset management.
The Bank currently has subsidiaries in the United Kingdom, Russia and
Canada, branches in United States, Singapore, Bahrain, Hong Kong, Sri
Lanka, Qatar and Dubai International Finance Centre and representative
offices in United Arab Emirates, China, South Africa, Bangladesh,
Thailand, Malaysia and Indonesia. Our UK subsidiary has established
branches in Belgium and Germany.
ICICI Bank's equity shares are listed in India on Bombay Stock Exchange
and the National Stock Exchange of India Limited and its American
Depositary Receipts (ADRs) are listed on the New York Stock Exchange
(NYSE).
About MasterCard
MasterCard
(NYSE: MA), www.mastercard.com,
is a global payments and technology company. It operates the world’s
fastest payments processing network, connecting consumers, financial
institutions, merchants, governments and businesses in more than 210
countries and territories. MasterCard’s products and solutions make
everyday commerce activities such as shopping, traveling, running a
business and managing finances easier, more secure and more efficient
for everyone. Follow us on Twitter @MasterCardNews,
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WU-G
Source: Western Union