Bank of India, a state-owned commercial bank 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.Bank of India will be among the first banks to launch the MasterCard Rewards program in India.
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."
Shares of the bank gained Rs 1.1, or 0.54%, to trade at Rs 203.55. The total volume of shares traded was 131,831 at the BSE (11.33 a.m., Monday).
