MICROCAPITAL BRIEF: Western Union, ICICI Bank, MasterCard Unveil Prepaid Card in India

Western Union, a US-based financial services and communications company; ICICI Bank, a commercial bank in India;and Mastercard, a global payments and technology company recently launched the Western Union- ICICI Bank Prepaid Card in India. The card is intended to provide previously underbanked Indians with a viable alternative of storing and accessing money. The card will also offer the cardholder the opportunity to load funds onto the cards of loved ones and as of next year, to transfer funds card-to-card across the nation. Users of the product can also add funds to their cards via direct deposit from payroll or government payments, by loading cash at select Western Union Agent locations or via money transfer.

According to a quote attributed to Mike Hafer, Senior Vice President, Global Prepaid, Western Union, “Western Union’s vision is to promote financial inclusion in India with ICICI Bank and MasterCard. 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.”

By Chioma Okwudiafor, Research Associate

About Western Union
The Western Union Company, founded in 1851, is a US-based financial services and communications company. Western Union provides money transfer, communications and network services through approximately 510,000 agent locations in 200 countries and territories as of June 2012. As of June 2012, Western Union Company reports total assets of USD 9.17 billion.

About ICICI Bank
ICICI Bank Limited, banking and financial services company in India, operates 2,773 branches and 9,363 Automated Teller Machines (ATMs) in the country and has a presence in 18 other countries in Europe, Asia, the Middle East and North America as of 2012. ICICI Bank offers personal banking, business banking, agricultural banking, investment banking, life and non-life insurance, venture capital and asset management services. As of March 31, 2012, ICICI Bank reports total assets of INR 4.9 trillion (USD 93 billion) and profit after tax of INR 64.65 billion (USD 1.27 million).ICICI Bank’s equity shares are listed on the 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 is a global payments and technology company that is headquartered in New York, USA. It connects consumers, financial institutions, merchants, governments and businesses in approximately 210 countries and territories. MasterCard’s products facilitate commerce activities such as shopping, traveling, running a business and managing finances. As of June 2012, MasterCard reports total assets of USD 11.2 billion.

Sources and Additional Resources:

Daily Finance Website: Western Union Launches Solution to Deliver Financial Inclusion to Millions in India http://www.dailyfinance.com/2012/10/23/western-union-launches-solution-to-deliver-financi/

MicroCapital Universe Profile: Western Union
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Western+Union

MicroCapital Universe Profile: ICICI Bank
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=ICICI+Bank

MicroCapital Universe Profile: MasterCard Foundation https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=MasterCard+Foundation

MicroCapital Story: Thursday, March 15, 2012, MICROCAPITAL BRIEF: MasterCard to Launch Mobile Phone-based Financial Services Worldwide https://www.microcapital.org/microcapital-brief-mastercard-to-launch-mobile-phone-based-financial-services-worldwide/#more-17759

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