Western Union, a leader in global payment services, ICICI Bank & MasterCard, have joined forces to launch the Western Union ICICI Bank Prepaid Card in our country India.
It offers millions of under banked Indians who carry cash 24 / 7; a much safer way to store & 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 & 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.
Indians can load monies derived from income, government payments, gifts & 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.
Encourage Greater Savings and Future Planning..!
Mr. Kiran Shetty, Managing Director and Vice President, Western Union India said, “For over 19 years in India, Western Union has been proud to lead the way in enhancing the lives of hard-working overseas Indians - NRIs and their loved ones at home by moving their hard-earned monies through our Agent network. In a nation where 65 per cent 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 & encourage greater savings and future planning, including emergencies”
Mr. Kusal Roy, Head – Cards, Personal Loans and ATMs, ICICI Bank Limited said, "ICICI Bank is pleased to be associated with Western Union & 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"
Power of Prepaid Card..!
Mr. T V Seshadri, Division President (South Asia), MasterCard. “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"
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 6,60,000 point of sale terminals across India.
Western Union currently has 1,06,000 Agent locations located in 6,000 towns, about 500 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 & services to ten countries including in the US, UK, Germany, Austria, Argentina, Peru, Panama & El Salvador.
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