CBI and Suvidhaa with MasterCard launch unique open loop prepaid Card for retailers

Mumbai Sep 12th 2013(Sailesh Gandhi): Central Bank of India, a leading public sector bank along with Suvidhaa Infoserve Pvt Ltd, India’s leading retail services company, and Suvidhaa Channel Card launch Central Bank of India and Suvidhaa in collaboration with MasterCard launch unique open loop prepaid Card for retailersMasterCard, the leading card network company, today announced the launch of the first-of-its-kind open loop prepaid card viz., the “Channel Card”, for the traditional retailer community. The Channel Card was launched by Mr Rajeev Rishi, Chairman and Managing Director, Central Bank of India along with Mr. Paresh Rajde, Founder & Chairman, Suvidhaa Infoserve Pvt Ltd and Mr Vikas Varma, Area Head- South Asia, MasterCard.

Mr Rajeev Rishi, Chairman and MD CBI launched the
Channel Card for the traditional retailer community on
Thursday. Also seen are Paresh Rajde, Founder &
Chairman, Suvidhaa Infoserve Pvt Ltd & Mr Haresh Bathija,
MD & CE Officer, Suvidhaa Infoserve Pvt Ltd.

The “Central Bank of India-Suvidhaa Channel Card” is a unique multi-purpose open loop prepaid card launched exclusively to empower over 65000 Suvidhaa retailers to offer a wide range of services to their customers across 2800 towns in India. The services include utility bill payments, payment of municipal taxes, travel ticketing, shopping and much more.  The Channel Card can also be used at all MasterCard enabled online merchant portals and PoS terminals across India.

Speaking at the launch, Mr Rajeev Rishi, Chairman and Managing Director, Central Bank of India said, “Central Bank of India has launched several prepaid cards in the past, to cater to the growing prepaid market. However the launch of the “Central Bank of India-Suvidhaa Channel Card” is the first-of-its-kind since it is offered exclusively to the B2B segment.  Central Bank of India is glad to be associated with Suvidhaa for its first co-branded prepaid card. The launch of this Card with its unique offering will empower large number of Suvidhaa retailers to reach out to both the banked and the un-banked population across the country, especially in tier II and tier III cities, thus furthering the cause of financial inclusion”

“Suvidhaa, having pioneered the Service Commerce (S-Commerce®) in India has been at the forefront of innovation delivering neighbourhood convenience to over 15mn digitally excluded customers through its vast retailer network. As the country’s largest marketplace for customer-centric services and payments, the Channel Card will further empower our retailers and widen their service offerings.  We are extremely proud to launch this unique prepaid card in partnership with Central Bank of India and MasterCard”, said Mr. Paresh Rajde, Founder and Chairman, Suvidhaa.

Also present on the occasion, Mr. Vikas Varma, area head- South Asia, MasterCard stated, “MasterCard is excited to partner with Central Bank of India and Suvidhaa for this unique and innovative B2B prepaid card program. MasterCard is committed to providing safe & secure payments and the Channel Card is a significant step forward in our endeavor to empower retailers which will further enhance customers’ shopping experience.”