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May 25, 2015

Bank of India, MasterCard launch new cards and banking solutions

Bank of India (BOI) has partnered with MasterCard to launch three new cards and two new banking solutions for card holders.

By Verdict Staff

Bank of India (BOI) has partnered with MasterCard to launch three new cards and two new banking solutions for card holders.

The new cards namely the Bank of India Business Debit MasterCard, Platinum Credit MasterCard and International Travel MasterCard are designed to further enhance customer’s payment experiences, while the banking solutions namely In Control for Spend Management and MasterCard Rewards Program come as part of an in-principle agreement and serve the digital needs of consumers.

The business debit MasterCard will aid businesses to better manage expenses and move beyond cheques and petty cash, thus increasing purchasing flexibility, convenience, and safety; the platinum credit MasterCard will be used for everyday purchases to assist consumers monitor and control expenses; and the Travel MasterCard, which will be available in US dollar and GB pound and accepted globally where MasterCard is accepted, will make traveling even more safe, secure and convenient.

In Control for Spend Management allows cardholders to manage their finances efficiently. Primary cardholders can set real-time alerts for transactions such as large, international or card-not-present purchases.

The MasterCard Rewards Program, a merchant-funded loyalty program, is aimed at allowing BOI’s MasterCard Platinum card cardholders earn up to 5% of their spends at retail and e-commerce merchant shops as MasterCard Rewards, which will be offered as a feature on BOI’s newly launched MasterCard card programs.

BOI chairman and managing director V.R. Iyer 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."

MasterCard South Asia executive director Vikas Varma said: "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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