22 November 2017
visit www.avoka.com

Western Union targets India's underbanked with pre-paid card

23 October 2012  |  6562 views  |  0 Indian flag

Western Union, ICICI Bank and MasterCard have joined forces on a pre-paid card which lets users transfer funds across India.

According to the World Bank, only 35% of Indians over 15 use bank accounts. Western Union says that its card offers the millions of underbanked a safe way to store and access their money anytime, along with new options for saving and spending.

In a first, customers can load funds on to the cards of family members and transfer money card-to-card across the nation, a feature the partners predict will help achieve financial inclusion in a country experiencing an explosion in rural-to-urban migration.

Users can add funds to their cards via direct deposit from payroll or government payments, by loading their own cash at Western Union agents or with a money transfer.

Mike Hafer, SVP, global pre-paid, Western Union, says: "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."

Kusal Roy, head, cards, personal loans and ATMs, ICICI, adds: "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."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

India to double ATM numbers to 200,000 by 2016

India to double ATM numbers to 200,000 by 2016

12 October 2012  |  6894 views  |  3 comments
ICICI preps Facebook transactions

ICICI preps Facebook transactions

07 September 2012  |  12995 views  |  1 comments
Western Union creates online and mobile unit

Western Union creates online and mobile unit

30 August 2011  |  7615 views  |  0 comments
RBI Committee calls for national switch to EMV

RBI Committee calls for national switch to EMV

05 August 2011  |  11886 views  |  3 comments | 1 tweets
Western Union to launch mobile remittance service in Malaysia

Western Union to launch mobile remittance service in Malaysia

05 October 2009  |  10125 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.solutions.lexisnexis.comvisit https://www.niceactimize.comvisit www.vasco.com

Top topics

Most viewed Most shared
Ripple boss predicts central bank adoption of blockchainRipple boss predicts central bank adoption...
20007 views comments | 31 tweets | 33 linkedin
AmEx partners Ripple and Santander for blockchain-enabled cross-border paymentsAmEx partners Ripple and Santander for blo...
11985 views comments | 15 tweets | 42 linkedin
UK cryptocurrency exchange startup launches debit card for spending bitcoinUK cryptocurrency exchange startup launche...
9710 views comments | 26 tweets | 38 linkedin
Barclays warns of unprecedented online fraud this ChristmasBarclays warns of unprecedented online fra...
9539 views comments | 16 tweets | 33 linkedin
ING brings data privacy to blockchain transactionsING brings data privacy to blockchain tran...
7079 views comments | 22 tweets | 35 linkedin

Featured job

Competitive base + commission + benefits
New York City, NY - USA

Find your next job