MUMBAI, India and SYDNEY, Oct. 16, /PRNewswire/ -- Central Bank of India, Rev and MasterCard have partnered to collaboratively develop and market innovative payment solutions the companies announced today. The partners plan to introduce a series of new payment products designed to reach even more Indians, starting with the Central Bank of India MasterCard Gift Card and the Rev MasterCard Virtual Card, both issued by the Central Bank of India and formally launched today in a related announcement. The partnership aims to broaden access to safe, convenient, accessible and affordable cash alternatives across the country.
"The partnership will enable Central Bank of India to regain our hold among retail customers. And, through a range of prepaid card and mobile payment products, deliver on the bank's mandate for financial inclusion," said Mr. S Sridhar, Chairman and Managing Director, Central Bank of India, following the gift card's unveiling to local officials at an event hosted by the Central Bank of India in New Delhi earlier this week.
The Central Bank of India MasterCard Gift Card offers gift-givers a gift option that recipients can redeem as they wish to make purchases anywhere MasterCard is accepted in India. The Rev MasterCard Virtual Card is a prepaid MasterCard number that gives shoppers a secure way to buy online, over the phone or by mail order wherever MasterCard is accepted without requiring a bank account or credit card.
Since both new products will be widely available to Indian consumers without bank accounts or credit cards, the partners expect them to lay the groundwork for widespread access to the financial mainstream by enhancing familiarity with prepaid cards. The virtual card is the first in the market available without a bank account or credit card, and it is the first MasterCard payment product in India available outside a bank branch.
Making plastic and other secure payment options available without a bank account and via conveniently located business correspondents will play an important role in expanding access to financial services in India where only 20 percent of adults have a payment card of any kind(1) - the rest rely almost exclusively on cash - and more than half of the population is unbanked.(2)
The partnership unites Central Bank of India - one of India's largest public sector banks with more than 3,500 branches throughout the country - with MasterCard's worldwide acceptance network and Rev's deep expertise in prepaid and knowledge of underserved markets.
Rev marks its entry to the Indian market through this partnership. The collaboration with Central Bank of India allows Rev - a prepaid leader in Asia Pacific and a member of the Rev Worldwide global network of payments companies for underserved markets - to showcase its payments technology and deep social mission in India.
"Everyone deserves access to trusted payment solutions. Our partnership with Central Bank of India enables us to provide a range of innovative products which will improve the lives of Indian consumers by offering greater convenience and wider participation in the mainstream financial system," said Simon Hilton, CEO, Rev Asia Pacific.
(1) Prepaid International Forum, July 2009 (http://www.prepaidforum.org/viewPDF.php?type=PublicPDF&PDFid=317)
(2) "Financial exclusion has to end," The Economic Times, Aman Dhall, 8/9/2009 (http://bit.ly/3xWUpV)
About Central Bank of India
Established in 1911, Central Bank of India was the first Indian commercial bank which was wholly owned and managed by Indians. The establishment of the Bank was the ultimate realisation of the dream of Sir Sorabji Pochkhanawala, founder of the Bank. Sir Pherozesha Mehta was the first Chairman of a truly 'Swadeshi Bank'. In fact, such was the extent of pride felt by Sir Sorabji Pochkhanawala that he proclaimed Central Bank of India as the 'property of the nation and the country's asset'. He also added that 'Central Bank of India lives on people's faith and regards itself as the people's own bank'.
Among the Public Sector Banks, Central Bank of India can be truly described as an All India Bank, due to distribution of its large network in 27 out of 28 States as also in 4 out of 7 Union Territories in India. Central Bank of India holds a very prominent place among the Public Sector Banks on account of its network of 3542 branches and 218 extension counters at various centres throughout the length and breadth of the country. In view of its large network of branches as also number of savings and other innovative services offered, the total customer base of the Bank at over 25 million account holders is one of the largest in the banking industry.
About Rev India
Rev India is a subsidiary of Rev Asia Pacific, an innovative payment solutions company that designs, markets and distributes a range of prepaid card products designed to meet the needs of consumers underserved by traditional financial services. These products include reloadable cards for everyday use, mobile payments, cards for domestic and international remittance, gift cards and virtual cards for shopping online. Rev Asia Pacific forms part of Rev Worldwide (www.revworldwide.com), the first global network of payment companies created to innovate end-to- end payment solutions that allow underserved consumers around the world to participate in today's mainstream economy. Rev Worldwide partners with financial institutions, telecommunications companies, merchants and government entities to serve consumers through card payments and payment processing, reload networks, mobile payments, loyalty programs, money transfers and bill payment. The Rev Worldwide companies are members of the MPOWER Ventures investment portfolio.
