UTI Bank launches 'Spice Rewards' program

Mumbai, May 7 (UNI) UTI bank today announced the launch of ''UTI Bank Spice Rewards'', a multi retailer merchant suppported bankcard rewards program developed by payment solutions provider 'Welcome Real-time', to target the competitive and undifferentiated Indian market.

''UTI Bank Spice Rewards'' will standout from other bankcard rewards programs by providing innovative promotional marketing features to merchants, while offering cardholders a hassle free shopping experience.

UTI Bank Retail Banking President Hemant Kaul said, ''We needed a distinctive payment solution that gives us a unique first-mover advantage in India''.

''We are confident that Welcome Real-time technology will give us the edge we are looking for, and help us meet our goals to gain market share in card issuance in a very short time'', he added.

With Spice Rewards, it will be the first in the market to offer cardholder and merchant-centric promotional marketing programs, that differ from traditional and conventional points-based rewards program operated by other banks.

It will be available to the 1,50,000 UTI credit cards, as also to all six million debit cards of the bank in the market today.

''We are honoured to have UTI Bank as our customer in India. This country holds immense opportunities for us in Asia '', said Welcome Real-time CEO-ASPAC Craig Bennett .

UTI Bank offers a full range of services in corporate, retail, international banking, treasury management, merchant and investment banking.

The bank has over seven million customers and deposits of over Rs 58,000 crore and advances of over Rs 36,000 crore as on March 31, 2007.

Whereas Real-time is the leader in card marketing enchancements that creates added value at the moment of payment. The company's technology drives credit and debit card programs in 21 countries across the globe.

UNI