ElectraCardServices (ECS) successfully helped launch the Western Union® ICICI Bank Prepaid Card in India recently, as Western Union’s preferred technology and processing service partner.
The Western Union® ICICI Bank Prepaid Card offers millions of under-banked Indians who carry cash 24/7; a much-safer way to store and access their money any time along with new spending options locally.
ECS’ award winning Electra prepaid platform hosted from its world-class PCI-DSS certified data centers brings significant advantages with its advanced functionality, high reliability, scalability and the required flexibility to provide innovative services on an on-going basis, across the entire card life cycle.
ElectraCard Services, a subsidiary of Opus Software Solutions, provides software and third party processing services for cards and payments management industry across the world including MasterCard® and VISA®. ElectraCard Services enables financial institutions, retailers, finance companies and corporations to electronically process, in real-time, any type of payment transaction, including credit, debit, pre-paid, and Account Clearing House.
The Western Union ICICI Bank Prepaid Card elevates Indians into the financial mainstream in a nation where usage of bank accounts by those aged 15+ are 35.2 per cent; 8.3 per cent receive a wage into a bank account; 1.9 per cent receive remittances into an account and 4.1 percent use an account for business.
Indians can load monies derived from income, government payments, gifts and other earnings including remittances after they have been cashed out. In addition the card will soon offer card-to-card transfers and third-party top-up capabilities
“For over 19 years in India, Western Union has been proud to lead the way in enhancing the lives of hard-working overseas Indians and their loved ones at home by moving their hard-earned monies through our Agent network,” said Kiran Shetty, Managing Director Vice President, Western Union India.
“In a nation where 65 % of the population are under-banked and resort to makeshift ways to protect their cash, the Western Union ICICI Bank Prepaid Card will provide a more secure way to store cash and encourage greater savings and future planning, including emergencies,” said Mr. Shetty.
“In introducing this innovative financial service – unique collaborations were forged with many parties besides ICICI Bank and Mastercard. In particular, we are delighted with our association with ECS – the combination of their world-class technology platform and a real collaborative approach has made a difference towards our speed to market”, he said.
Mr. Ramesh Mengawade, CEO, ElectraCard Services said, “As the preferred partner of the world’s largest card providers – at ECS; we are privileged to form part of a team that has introduced a financial mechanism that will benefit millions of Indians and bring them into the financial mainstream.
“While we marry technology to facilitate card service – it is really gratifying to bring all these forces together to serve consumers conveniently without the individual having to deal with the complexity of having to own or access sophisticated technologies,” he said.
Source: RFP Conncect