“The power of prepaid to underbanked millions around the world is invaluable, as it brings them into the financial mainstream,” said T.V. Seshadri, Division President, South Asia, MasterCard. “MasterCard is well-positioned to leverage this market opportunity and also grow the market for prepaid cards in India, thereby driving financial inclusion. By joining hands with Western Union and ICICI Bank, we are pleased to offer a game-changer to millions in the form of a prepaid card that is convenient, safe and provides practical ways to draw cash and spend.”
About Western Union
The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders. As of June 30, 2012, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of approximately 510,000 agent locations in 200 countries and territories. In 2011, The Western Union Company completed 226 million consumer-to-consumer transactions worldwide, moving $81 billion of principal between consumers, and 425 million business payments. For more information, visit www.westernunion.com.
About ICICI BankICICI Bank is India's second-largest bank, with total assets of Rs. 4,736.47 billion (US$ 93 billion) at March 31, 2012 and profit after tax Rs. 64.65 billion (US$ 1,271 million) for the year ended March 31, 2012. The Bank has a network of 2,773 branches and 9,363 ATMs in India, and has a presence in 19 countries, including India. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries in the areas of investment banking, life and non-life insurance, venture capital and asset management.