Western Union and ICICI Bank have tied up to launch a new co-branded prepaid card on MasterCard platform.
The card is targeted mainly at people from un-banked regions who mostly use cash for financial transactions like the migrant workers. The card will also help these people to act as a safe store-house for their cash.
The card members will be required to load their cards with cash. Each of these cards will be provided by Western Union for a fee of Rs.100. The cards will enable customers to use them at any ATM of ICICI Bank, without any charges or at a non ICICI Bank ATM for a charge of Rs. 25 per transaction.
Customers can also use the prepaid cards for making purchases at retail outlets which are MasterCard enabled point of sale terminals. There is no average daily balance requirement on the cards. The card has high maintenance charges. In case the customer forgets or loses his card's PIN, he will have to pay Rs. 100 for re-issue of the card. The card comes at a loading fee of Rs. 20 per load and has annual fees of Rs. 50 per year after the first year.