WESTERN UNION ICICI BANK PREPAID CARD
CORPORATE/FINANCE
WESTERN UNION ICICI BANK PREPAID CARD LAUNCHED IN INDIA
by Prashant Kapadia
Western Union, a leader in global payment services, ICICI Bank and MasterCard, have joined forces to launch the Western Union® ICICI Bank Prepaid Card in India. It offers millions of under banked Indians who carry cash 24/7; a much-safer way to store and access their money any time along with new spending options locally.
Western Union’s vision to promote financial inclusion in India along with ICICI Bank and MasterCard will see Indians introduced to a Prepaid Card that gives similar benefits offered by mainstream banked cards without the restrictions of maintaining an average daily balance limit or being denied for credit worthiness.
The Western Union ICICI Bank Prepaid Card, elevates Indians into the financial mainstream in a nation where usage of bank accounts by those aged 15+ are 35.2 per cent; 8.3 per cent receive a wage into a bank account; 1.9 per cent receive remittances into an account and 4.1 percent use an account for business .
Indians can load monies derived from income, government payments, gifts and other earnings including remittances after it has been cashed out. In addition for the first time, Indians can also soon load money onto the cards of known family members and loved ones or transfer from card-to-card across the nation, financially including millions in a country experiencing an explosion in rural to urban migration.
“For over 19 years in India, Western Union has been proud to lead the way in enhancing the lives of hard-working overseas Indians and their loved ones at home by moving their hard-earned monies through our Agent network,” said Kiran Shetty, Managing Director Vice President, Western Union India.
“In a nation where 65 % of the population are under banked and resort to makeshift ways to protect their cash, the Western Union ICICI Bank Prepaid Card will provide a more secure way to store cash and encourage greater savings and future planning, including emergencies,” said Mr. Shetty.
“In forging the unique collaboration between ICICI Bank and MasterCard and introducing an innovative solution for the under banked, Western Union has turned competition into collaboration, while deepening our relation with our existing consumers and growing our consumer base.
“It was made possible by the Indian government’s commitment to promote financial inclusion for its citizens and to bring them into the mainstream economy by encouraging collaboration between traditional banking players and regulated non-bank players such as Western Union. This is commendable”, he said.
"ICICI Bank is pleased to be associated with Western Union and MasterCard to launch "The Western Union ICICI Bank Prepaid Card". This card will provide choice, convenience and safety of a card solution to a large customer base, which is under banked 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", said Kusal Roy, Head - Cards, Personal Loans and ATMs, ICICI Bank Limited
“The power of prepaid to under banked millions around the world is invaluable – as it brings them into the financial mainstream. 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,” said T V Seshadri - Division President - South Asia, MasterCard.
The Western Union ICICI Bank Prepaid Card enables Indians to load their cash onto the card at 1,000 participating Western Union® Agent locations before the end of the year with plans for rapid expansion. Cash can be withdrawn from more than 98,000 ATMS nations wide which includes 8,000 ICICI Bank’s ATMs. In 2013, Western Union plans to enable cash withdrawals from participating Western Union Agent locations. Retail purchases possible via 660,000 point-of-sale terminals across India.
Western Union currently has 106,000 Agent locations located in 6000 towns, 497 cities across all 28 states in India as of 30 June 2012.
India is the second country in Asia-Pacific where Western Union has launched prepaid, after the Philippines; extending the company’s stored value products and services to ten countries including in the US, UK, Germany, Austria, Argentina, Peru, Panama and El Salvador.
THE WESTERN UNION® ICICI BANK PREPAID CARD
A safe alternative to holding and managing cash
No minimum balance required
Free SMS confirmation on every transaction* (network charges may apply)
Security features back by the world-class systems of Western Union, ICICI Bank and MasterCard which includes 24/7 stolen/loss reporting and blocking
Gives ability to make payments securely, e.g. larger purchases, paying remotely instead of carrying cash
Many ways to load monies onto the card
Load money onto card at 1,000 participating Western Union agent locations throughout India
When cash is received as wages, remittances or as gifts, it can be loaded onto the card for safekeeping and ready to spend
Soon to be launched third party loading money onto the card, making it a convenient and easy way to send money to family and friends
Example: A woman’s husband works in another part of India. The husband can put money on the wife’s card at any time to pay for family expenses.
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