Sequent Software and Trüb AG announced to have entered a technology partnership in which Trüb will use Sequent’s mobile payments platform to provide over-the-air provisioning and lifecycle-management services for EMV-compliant bank cards, customer loyalty cards, access cards and transit cards on secure elements used in NFC mobile devices. For example, using the Trüb SP-TSM service, bank card issuers and other service providers can instantly provision their cards into customers’ NFC mobile devices like Samsung Galaxy S4 operating on the Swisscom network. Using Sequent’s platform, the Trüb SP-TSM service offers a secure, over-the-air (OTA) channel for a broad set of card issuers to provision and manage the lifecycle of credit, prepaid, loyalty, reward, access, transit and other cards on the secure elements of mobile devices.
MoneyGram International, a leading global money transfer company, and India Post, the largest distribution postal network in the world, today announced that their existing agreement to offer money transfer services through India Post outlets has expanded from an initial 100 locations to more than 650 locations across the country. In a presentation before community dignitaries…
MoneyGram International global money transfer company and India Post postal network expended on existing agreements to offer money transfer services through India Post outlets from an initial 100 locations to more than 650 locations. India Post and MoneyGram have planned joint marketing initiatives in several Indian states to support the expansion of the service. MoneyGram’s service is planned to expand to 5,000 India Post locations by 2014. The joint relationship and networks are expected to increase transactions from key remitter countries, including the United States, United Arab Emirates, the United Kingdom, Canada, Australia, and Saudi Arabia. MoneyGram also offers services through postal systems in Canada, Jamaica, Kazakhstan, Kenya, Italy, Poland, Ukraine, Moldova, and the United Kingdom.
India Post distribution postal network and MoneyGram International money transfer partnered to offer convenient money transfer solutions. Shri Kapil Sibal, the Union Minister of Communications and Information Technology commenced the scheme by conducting a remittance transaction through the MoneyGram service and displayed the ease in the transaction through the new system. With this, 100 Post Offices in Delhi, Punjab and Tamil Nadu Circles will begin offering MoneyGram instant inward money transfer services, which will be extended to a total of 5,000 Post Offices by 2014. MoneyGram offers money transfer services worldwide through a global network of more than 244,000 agent locations in 192 countries.
Visa has made available its “Personal Payments” remittance platform, allowing UAE customers to send remittances in real time to anyone who has a Visa card, which can be a debit, prepaid, credit, platinum or any other card bearing the Visa logo. UAE Exchange and the Union Bank of the Philippines have just become the latest financial institutions in the world to adopt the service. Any money transfer to the Philippines using this service will now cost Dh25 per transaction and the funds deposited directly to the Visa card accounts can be used immediately at millions of merchant outlets or withdrawn from ATMs in the Philippines. Philippines-issued Visa debit and Visa prepaid cards issued by the Union Bank of the Philippines will receive funds in real time, giving recipients their money in minutes.
Prepaid International Forum (PIF) named Kusal Roy, Head of Cards and Personal Loans at ICICI Bank as the successor to founding PIF India Chairman Sachin Khandelwal who is stepping down after two years. Kusal Roy is a retail banking professional with 16 years of experience, across Citibank, Barclays and ICICI Bank. Currently, he is General Manager and Business Head of Cards (Credit, Debit and Prepaid) and Unsecured Loans at ICICI Bank. The various cards businesses at ICICI Bank are among the largest in India in each product vertical. Mr Roy has rich experience in the payments domain over the last decade and a half, having created significant product innovations including India’s first foreign-currency prepaid card.
Sachin Mehra has joined MasterCard as Corporate Treasurer. Bringing with him a range of financial experience in global corporations having held positions in key financial markets around the world, including New York, Singapore, Shanghai and Brussels. He was most recently with Hess as Treasurer and held various positions at General Motors at the Treasurerâs Office and General Motors Acceptance Corporation (GMAC). Mehra holds a Bachelor of Commerce degree from The University of Bombay and an M.B.A. from The Darden School of Business, University of Virginia. Mehra was named to the Treasury & Risk Management/Citigroup â40 under 40â list of up-and-coming financial executives for four years (2005-2007, 2009).
Through recent agreements with ICICI Bank, Development Credit Bank
has embarked on the credit card industry with its new “DCB Advantage
Credit Card”. Moreover, ICICI Bank will oversee the management of the
newly established card offering, which is targeting India’s rapidly
developing, under-penetrated market. DCB is projecting, of its 4.5 lakh
customers, 50,000 customers will eventually sign up for the “Advantage
Gitanjali Group & ICICI Bank has launched a “Jewelery Card” to
provide customers with benefits at more than 200,000 Indian
merchants and 22 million around the world. The card was designed
for Gitanjali patrons, free of membership fees, and provides 8 reward
points per Rs. 200 spent at Gitanjali outlets. The card also provides
discount of 5% on purchases of diamond jewelery up to Rs10000,
discount of 7.5 % on purchases above Rs 10000 at Gitanjali outlets,
and Interest free EMI for 3 months or 6 months on purchases at
Gitanjali exclusive outlets. Benefits also include Rs 500 Gitanjali gift
vouchers, jewelery cleaning vouchers, Worldwide acceptance, ATM
access more than 3400 ICICI Bank ATMs and over 1 million Visa
ATMs, an interest free credit period of up to 52 days and 24-hour
phone banking services. ICICI Bank has a 50 year presence, assets
of Rs. 3,446.58 billion, a network of over 745 branches and 3340
ICICI Bank has launched an EMI Card, offering consumers the ability to
pay 0% interest on card balances, according to the Economic Times. The
balances are paid by the consumer in equated, monthly installments and
allows for the purchase of any household item. EMI is also being offered
to ICICI Bank’s co-branded card customers. ICICI bank has over
8 million card in circulation and projects a 25% growth.
ICICI Bank and Megamart have teamed to introduce a co-branded “VISA Gold” credit card. The new card earns six reward points for every Rs 200 spent at any Megamart clothing outlet. Points can be redeemed for Megamart vouchers. New cardholders receive a bonus gift voucher of Rs 200 upon making their first purchase. Other card benefits include 90-days free financing on purchases above Rs 1500, plus free
alteration of garments and access to special promotions. Megamart has 54 outlets in 16 cities across the country.
ICICI Bank and enStage have partnered with VISA for the
deployment of their 3-D secure solution, “ACCOSA 3-D”. The
new solution will provide protection to its cardholders for online
transactions. “ACCOSA 3-D” secure software initiates a verification
software at the bank using ‘Verified by VISA’, the program enables
the bank to intercept transactions to verify identity and requests
the cardholder to enter a PIN. Experts say this will prevent consumer
fraud and theft.