PNB introduced MasterCard MoneySend programme

Punjab National Bank in association with MasterCard Worldwide has introduced MasterCard MoneySend programme. This is a card-to-card money transfer program that enables Bank ATM customers’ to transfer money quickly, easily and securely to family members or friends. MasterCard MoneySend enables funds transfer from Debit cards issued by PNB to any MasterCard or Maestro card account at participating banks across India. The service provides real time online authorization and transfer confirmation that the funds transfer has been successful. Punjab National Bank also announced the impressive key milestone achievement of issuing 5 million MasterCard Debit cards in India.

Punjab National Bank currently has an array of cards which are PIN-based Maestro Debit cards as well as Signature-based Master Card Debit cards (Classic & Gold). With issuance of non-personalized Debit Cards, Punjab National Bank issues Debit Mastercard instantly, which they can activate within 24 hours.

On the occasion, Dr. K.C. Chakrabarty, CMD, Punjab National Bank, said, “Our aim is to leverage technology for customer’s convenience, which will facilitate both customer service and business growth of the bank. We have Alternate Delivery channels like ATM, Internet Banking Services, etc for better customer experience. This has helped in reducing transaction cost, Customer’s convenience in availing banking facility at his/her choice and improved customer services at Bank premises. At present, we are having 1636 ATMs across the country and 5.3 million ATM/Debit cardholders. On an average more than 3 lac transactions take place on our ATMs daily. ATM sharing arrangements with NFS, MITR, and SBI enables the customers to have access to more than 25000 ATMs across the country.

Chairman & Managing Director of Punjab National Bank looked upon Master Card World Wide, the Global Payment Solution Provider as a significant partner in the endeavours of Bank towards empowerment of people through cards. According to him it is the payment system which differentiates a Bank from an NBFC. He further stated that the objective of Financial Inclusion would only be achieved if each and every customer of the bank is issued a payment card. PNB has fixed an ambitious target of 1 Crore cards by March 2009.

Speaking on the occasion, Shri Nitin Gupta, Country Head, South Asia, MasterCard Worldwide said; “We congratulate Punjab National Bank in achieving a significant milestone in the payments industry in India. In supporting their needs over the years, we are delighted to soft launch, in line with their achievement, MasterCard MoneySend, which will give Punjab National Bank’s customers the comfort in knowing that their money can reach their family and loved ones in as little as 24 to 48 hours. With MasterCard MoneySend, Punjab National Bank’s customers will now be able to transfer money with speed, convenience, transparency, reliability and safety.”