Western Union Launches Solution to Deliver Financial Inclusion to Millions in India
23 10월 2012 - 9:00PM
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, join the discussion
on the Cashless Conversations Blog and subscribe for the latest
news.
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