YES Bank and J.P. Morgan to Introduce Visa US$ Prepaid Travel Cards in India
Mumbai.- YES Bank and J.P. Morgan announced today a collaboration whereby YES Bank would offer Visa US$ prepaid travel cards to its customers.
Through this arrangement, YES Bank will offer YES Bank-branded Visa US$ prepaid travel card to its customers, using J.P. Morgan’s expertise in prepaid card solutions. Hosted on J.P. Morgan’s proprietary technology platform and supported by its robust processes, the card is an ideal alternative to traditional foreign currency and travellers’ cheques.
The card provides customers with added security and convenience to make a purchase when travelling. In addition, the card can be used outside of India, Nepal and Bhutan to withdraw cash in local currency at ATMs displaying Visa marks.
Commenting on the new strategic partnership, Mr. Arun Agrawal, President & Global Head - International Banking at YES Bank said "We selected J.P. Morgan due to its strong commitment, experience and focus in the area of prepaid card products and technology. This strategic partnership will strengthen our relationship with J.P. Morgan and will allow us to provide our clients with quality cards without having to build our own infrastructure.
“We are very pleased that YES Bank has chosen to work with J.P. Morgan on this programme. This arrangement reinforces our commitment to offer innovative products to our financial institution clients in India, enabling them to provide new and efficient products and to be more competitive in their core businesses.” commented Percy Batliwalla, J.P. Morgan Managing Director and Head of Financial Institutions - Banks, Asia Pacific.
According to The Nilson Report (June, 2008), J.P. Morgan is the #1 issuer of commercial prepaid cards based on dollar volume. J.P. Morgan has been providing prepaid card solutions to corporations, institutions, universities and government agencies for nearly 20 years with end users being customers, students or employees, who depend on them for reliable and efficient electronic payments. J.P. Morgan provides prepaid card services to more than 1,000 clients globally and services more than 10 million debit cards with $1.9 billion in financial transactions settled monthly.
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