News Column

ICICI Bank launches 'ICICI Bank Unifare Card' in partnership with DMRC

June 26, 2014



ENP Newswire - 26 June 2014

Release date- 25062014 - ICICI Bank Limited, India's largest private sector bank, and Delhi Metro Rail Corporation (DMRC) today announced the launch of the 'ICICI Bank Unifare Card', cobranded debit and credit cards in association with MasterCard, offering exceptional value to commuters of Delhi Metro.

'ICICI Bank Unifare Card' combines the benefits of a debit/credit card along with a Delhi Metro Smart Card and has the added facility of auto top-up of fare balance. To support both functionalities, the ICICI Bank Unifare Card has a Delhi Metro transit chip embedded along with the debit/credit card chip. The customer will only have to swipe the card at the station instead of waiting in queues at ticket windows/vending machines to purchase tokens or to recharge the 'Smart Card' balance. The unique auto top-up facility on the card automatically recharges the amount on the transit chip when the balance drops below a certain specified threshold limit. The auto top-up is triggered at the start of the customer's journey when the transit chip makes contact with the Delhi Metro servers at the entry gate. Existing credit or debit card customers can apply for this card by placing a request at ICICI Bank's 24 hour customer care helpline. Others can apply for these cards by sending 'UNIFARE C' for credit cards or 'UNIFARE D' for debit cards to 5676766. Applications can also be made through the bank's branches.

Speaking on the occasion, Mr. Rajiv Sabharwal, Executive Director, ICICI Bank said, 'Our continuing adoption of innovative technology is part of our commitment to strengthen our relationship with customers. Over the last one year, we have built significant expertise in the field of transit payment solutions and are now partnering with some of the most successful transport operators in India. The 'ICICI Bank Unifare Card' is a revolutionary product which is being introduced for the first time in India and it will change the way transit payments of the future are made in the country. We are happy to launch the card in partnership with DMRC, and are confident that this will go a long way in making the lives of our customers more convenient and rewarding.'

Mr. Mangu Singh, MD, DMRC, said 'We aim to provide hassle free travel to our commuters and seamless payment options are an integral part of that proposition. The 'ICICI Bank Unifare Card' is the next step in providing that convenience.'

Announcing this launch, Mr. Ari Sarker, Division President - South Asia, MasterCard, said 'We are committed to providing convenient and safe payment options to the consumers. The 'ICICI Bank Unifare Card' marks another important step in our efforts to expand the use of electronic payments which are more efficient, secure and inclusive. It will offer a faster and hassle-free way of accessing the Delhi metro along with added value and benefits to the consumers offered to Platinum MasterCard cardholders.'

ICICI Bank has tied up with metro rail operators to launch similar cards for metro commuters in Mumbai, Hyderabad and Bangalore.

The 'ICICI Bank Unifare Card' offers several other benefits including the redemption of reward points accumulated on this card for free metro rides. For example, if a cardholder spends Rs.12,000 on the card in a month on his regular purchases and shopping, he stands to get metro travel by redeeming the reward points earned.

In addition, the card also offers:

10% discount on travel fare at Delhi Metro, as available on metro smart cards

2.5% fuel surcharge waiver across HPCL pumps (on ICICI Merchant services machines when the card is used for transactions less than Rs.4,000)

Minimum 15% discount on dining bills at leading restaurants across India with the ICICI Bank's 'Culinary Treats' programme

About ICICI Bank Ltd: ICICI Bank Limited (NYSE:IBN) is India's largest private sector bank and the second largest bank in the country with consolidated total assets of US $ 124.76 billion at March 31, 2014. ICICI Bank's subsidiaries include India's leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank's presence currently spans 19 countries, including India.

Except for the historical information contained herein, statements in this release, which contain words or phrases such as 'will', 'would', etc., and similar expressions or variations of such expressions may constitute 'forward looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of non-performing loans, our growth and expansion in business, the adequacy of our allowance for credit losses, technological implementation and changes, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. All reference to interest rates, penalties and other terms and conditions for any products and services described herein are correct as of the date of the release of this document and are subject to change without notice. The information in this document reflects prevailing conditions and our views as of this date, all of which is expressed without any responsibility on our part and is subject to change. In preparing this document, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources. ICICI Bank and the 'I man' logo are the trademarks and property of ICICI Bank. Any reference to the time of delivery or other service levels is only indicative and should not be construed to refer to any commitment by us. The information contained in this document is directed to and for the use of the addressee only and is for the purpose of general circulation only.

For Press Queries:

Sujit Ganguli

Senior General Manager & Head - Corporate Communications and Brand Group

ICICI Bank Limited

Bandra Kurla Complex, Mumbai - 400051

Email:ganguli.sujit@icicibank.com


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Source: ENP Newswire


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