Agreement also signed to enable BOI to offer In Control™ for Spend Management and MasterCard Rewards Program in India

NEWS: #BankofIndia and #MasterCard launch new products for enhanced consumer payments experience in India http://news.mstr.cd/1R5KR9R  

Mumbai, India, 22 May 2015: Bank of India (BOI) and MasterCard today announced the launch of its unique card programs namely the Bank of India Business Debit MasterCard, Platinum Credit MasterCard and International Travel MasterCard to further enrich their customer’s payment experiences. They have also signed an in principle agreement to offer an innovative range of banking solutions namely In Control™ for Spend Management andMasterCard Rewards Program which will cater to the ever-evolving digital needs of consumers.

The Bank of India Business Debit MasterCard will help businesses better manage expenses and move beyond cheques and petty cash, thus increasing purchasing flexibility, convenience, and safety. Similarly, the Bank of India Platinum Credit MasterCard could be used for everyday purchases to help consumers monitor and control expenses.

Travelling is now made even more safe, secure and convenient through the launch of the Bank of India International Travel Card. Available in dual currency (USD & GBP), it can be used everywhere MasterCard is accepted across the globe.

In Control™ for Spend Management is a solution which enables cardholders to manage their finances more efficiently and spend with greater confidence and control. Primary cardholders are provided with an interface whereby they can set real-time alerts for particular types of transactions such as large, international or card-not-present purchases.

The MasterCard Rewards Program is a merchant-funded loyalty program which will allow BOI’s MasterCard Platinum card cardholders to earn up to 5% of their spends at participating retail and e-commerce merchant establishments as ‘MasterCard Rewards’. The accrued points can subsequently be redeemed across a range of exciting redemption options.

MasterCard Rewards will be made available as a feature on BOI’s newly launched MasterCard card programs with an aim to drive cardholder spend and help the bank acquire, retain and grow their best customers.

Bank of India will be among the first banks to launch the MasterCard Rewards program in India.

Mrs. V.R. Iyer, CMD, Bank of India, said: “At Bank of India, we constantly look to provide services that make the banking experience of our customers even more seamless and convenient. The launch of ‘MasterCard In Control for Spend Management’, the three new card offerings and loyalty program is yet another step in that direction and importantly, they also contribute to spreading the message of better financial management. We are delighted to have MasterCard as our partner in providing these additional services and look forward to providing our customers an enhanced payment experience in due course.”

Vikas Varma, Executive Director, South Asia, MasterCard, said: “We are delighted to collaborate with Bank of India in these unique offerings which are in line with our vision of a world beyond cash. At MasterCard it is our endeavour to leverage technology and introduce innovative payment solutions that are simple, safe and secure. We believe that this association will help us further strengthen this commitment to society and make the lives of our consumers more convenient and rewarding.”

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About Bank of India:

Bank of India was founded on 7th September 1906. It is the 2nd largest public sector bank in India with business market of more than 9.50 lacs crores. Presently Bank of India has 4900 domestic and 57 overseas branches. Bank of India has been pioneer in launching many products including E-products.

It is the first public sector bank to introduce ATM in 1988.

About MasterCard:

MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardAP and @MasterCardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.

Media Contacts
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Rochelle Fernandes, Weber Shandwick, rfernandes@webershandwick.com, +91 9833263379