Western Union, ICICI Bank launch prepaid card

Global payment services player Western Union, ICICI Bank and MasterCard launched the Western Union ICICI Bank Prepaid Card.

The card provides similar benefits as any other card without the restrictions of maintaining an average daily balance limit. It offers the under banked a safer way to store and access money any time.

“The power of prepaid to under banked millions around the world is invaluable – as it brings them into the financial mainstream. Prepaid cards are convenient and safe way to draw cash and spend,” said T V Seshadri, Division President, South Asia, MasterCard.

In India, only 35% of those above the age of 15 have a bank account, 8.3% receive pay in a bank account, 1.9% receive remittances into an account and 4.1% use an account for business.

 

The card helps load money onto the card of family members and/or transfer money from one card to the other across the country.

Users can load cash onto the card at 1,000 participating Western Union agent locations. Cash can be withdrawn through the card from ATMS. In 2013, Western Union plans to enable cash withdrawals from participating Western Union agent locations. Retail purchases are possible via 660,000 point-of-sale terminals across India. Western Union currently has 106,000 agent locations in 6000 towns, 497 cities across all 28 states in India as of 30 June 2012.

"This card will provide choice, convenience and safety of a card solution to a large under banked customer base. 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.

India is the second country in Asia-Pacific where Western Union has launched prepaid card, 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.