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UTI Bank Launches 'Spice Rewards' on Their Bankcards - India's First-Ever Merchant-Supported Rewards Program

2007-05-10 09:31 3377

MUMBAI, India and SINGAPORE, May 10 /Xinhua-PRNewswire/ -- UTI Bank today announced the launch of "UTI Bank Spice Rewards" - a multi-retailer, merchant supported bankcard rewards program in the competitive and undifferentiated Indian market. "UTI Bank Spice Rewards" will standout from other bankcard rewards programs by providing innovative promotional marketing features to merchants, while offering cardholders instant recognition and a hassle-free shopping experience at the moment of payment. These promotional marketing features are made possible with software developed by payment solutions provider Welcome Real-time.

UTI Bank is known to be a creative and aggressive player in India's banking scene, with a focus on the retail segment to fuel overall growth. Following UTI Bank's successful entry into merchant acquiring in 2003, the Bank now aims to play a leading role in India's fast growing card issuance market with a strong and definitive value proposition. With Spice Rewards, it will be the first in the market to offer cardholder- and merchant-centric promotional marketing programs that differ from traditional and conventional points-based rewards program operated by other banks. UTI Bank Spice Rewards will be available to the 150,000 UTI Bank Credit Cards, as also to all 6 million debit cards of the Bank in the market today.

"We needed a distinctive payment solution that gives us a unique first-mover advantage in India," said Hemant Kaul, President, Retail Banking, UTI Bank. "We are confident that Welcome Real-time's technology will give us the edge we are looking for, and help us meet our goals to gain market share in card issuance in a very short time."

"We are honoured to have UTI Bank as our customer in India. This country holds immense opportunities for us in Asia," said Craig Bennett, CEO - ASPAC, Welcome Real-time. Bennett further added, "We are pleased to be involved in this project together with our local partner, Venture Infotek." Piyush Khaitan, Managing Director of Venture Infotek, spoke about how Welcome's technology makes a good fit for the Indian market. "India is progressing towards gradual migration to chip cards," said Mr. Khaitan, "The software has the versatility to simultaneously support existing mag-stripe payment cards as well as other future payment platforms such as EMV standard chip cards and contactless tap and go cards."

UTI Bank plans to extend the program to a significant number of brand-name retailers before the end of the year.

About UTI Bank

UTI Bank is the fastest growing New Generation Private Sector Bank in India today, offering a full range of services in Corporate, Retail and International Banking, Treasury Management, and Merchant & Investment Banking. The Bank has over 7 million customers and deposits of over Rs. 58,000 crore and advances of over Rs. 36,000 crore (as on 31st March 07). The net profit of the Bank for the financial year ended on 31st March 2006 - 07 was Rs. 659.03 crore, up by 36% over the net profit of Rs.485 crore during FY 2005 - 05. The Bank has today 561 Branches and Extension Counters with more than 2341 ATMs at 332 Centers across the country, which are fully networked and connected to a Centralised Database. The Bank is a leading player in the merchant acquiring business, with over 40,000 merchant relationships.

About Welcome Real-time

Welcome is the leader in card marketing enhancements that create added value at the moment of payment. Welcome adds value to the traditional payment transaction through an enhanced payment experience that provides benefits to cardholders, retailers and financial institutions. Welcome's technology drives credit and debit card programs in 21 countries across the globe and has received industry awards such as the "ROI of the Year Award" by The Banker magazine (2004) and the "Frost & Sullivan Industry Innovation & Advancement Leadership Award" (2006). Welcome is headquartered in Aix-en-Provence, France, with offices and R&D facilities in Singapore, London, Milan, Madrid, Miami and Sao Paulo. For more information, visit: www.welcome-rt.com

For further information please visit the website at http://www.utibank.com or http://www.welcome-rt.com or contact:

Source: Welcome Real-time
Keywords: Food/Beverages
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