Aims to provide safe, convenient, accessible and affordable cash alternatives across India
Central Bank of India, Rev and MasterCard have collaborated to develop and market payment solutions. 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 (Gift Card) and the Rev MasterCard Virtual Card (Virtual Card), both issued by the Central Bank of India.
Reportedly, the 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 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.
S Sridhar, chairman and MD of Central Bank of India, said: “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.”
Simon Hilton, CEO of Rev Asia Pacific, said: “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.”
Rev India, a subsidiary of Rev Asia Pacific, is a payment solutions company that designs, markets and distributes reloadable cards for everyday use, mobile payments, cards for domestic and international remittance, gift cards and virtual cards for shopping online.