Bank of India and MasterCard launch new products

Bank of India Business Debit MasterCard, Platinum Credit MasterCard and International Travel MasterCard will help enhance the payment experience for customers

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State-run Bank of India (BoI) and MasterCard launched new products on Friday in a bid to enhance the payment experience for customers with BoI Business Debit MasterCard, Platinum Credit MasterCard and International Travel MasterCard.

An in-principle agreement has also been signed to offer an innovative range of banking solutions such as ‘In Control’ and MasterCard rewards programme, which will cater to the digital needs of customers. “In Control is a mobile-based application which allows card holders the flexibility to determine how, when and where they will use their card,” said Vikas Varma, executive director, South Asia, MasterCard.

The Bank of India business debit MasterCard will help businesses better manage expenses and move beyond cheques and petty cash. Similarly, the Bank of India platinum credit MasterCard could be used for everyday purchases to help consumers monitor and control expenses. Besides that traveling is now made even more safe, secure and convenience through the launch of Bank of India international travel card.

“Whatever platforms are available today we want to grab that and serve our customers which are more than 70 million in number,” said R P Marathe, executive director, Bank of India.

MasterCard rewards will be made available as a feature on Bank of India’s newly launched MasterCard card programs with an aim to drive cardholder spend and help the bank acquire, retain and grow their best customers.

The MasterCard rewards program is a merchant-funded loyalty program which will allow Bank of India's MasterCard Platinum card cardholders to earn up to 5 per cent of their spends at participating retail and e-commerce merchant establishments as MasterCard rewards.