UTI Bank Launches 'Spice Rewards' on Their Bankcards - India's First-Ever Merchant-Supported Rewards Program

UTI Bank Launches 'Spice Rewards' on Their Bankcards - India's First-Ever Merchant-Supported Rewards Program

May 10, 2007

    MUMBAI, India and SINGAPORE, May 10 /Xinhua-PRNewswire/
-- UTI Bank today announced the launch of "UTI Bank
Spice Rewards" - a multi-retailer, merchant supported
bankcard rewards program in 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 instant
recognition and a hassle-free shopping experience at the
moment of payment. These promotional marketing features are
made possible with software developed by payment solutions
provider Welcome Real-time.

    UTI Bank is known to be a creative and aggressive
player in India's banking scene, with a focus on the retail
segment to fuel overall growth. Following UTI Bank's
successful entry into merchant acquiring in 2003, the Bank
now aims to play a leading role in India's fast growing
card issuance market with a strong and definitive value
proposition. 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. UTI Bank Spice Rewards will be available to
the 150,000 UTI Bank Credit Cards, as also to all 6 million
debit cards of the Bank in the market today.

    "We needed a distinctive payment solution that
gives us a unique first-mover advantage in India,"
said Hemant Kaul, President, Retail Banking, UTI Bank.
"We are confident that Welcome Real-time's 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."

    "We are honoured to have UTI Bank as our customer
in India. This country holds immense opportunities for us
in Asia," said Craig Bennett, CEO - ASPAC, Welcome
Real-time. Bennett further added, "We are pleased to
be involved in this project together with our local
partner, Venture Infotek." Piyush Khaitan, Managing
Director of Venture Infotek, spoke about how Welcome's
technology makes a good fit for the Indian market.
"India is progressing towards gradual migration to
chip cards," said Mr. Khaitan, "The software has
the versatility to simultaneously support existing
mag-stripe payment cards as well as other future payment
platforms such as EMV standard chip cards and contactless
tap and go cards."

    UTI Bank plans to extend the program to a significant
number of brand-name retailers before the end of the year.

    About UTI Bank

    UTI Bank is the fastest growing New Generation Private
Sector Bank in India today, offering a full range of
services in Corporate, Retail and International Banking,
Treasury Management, and Merchant & Investment Banking.
The Bank has over 7 million customers and deposits of over
Rs. 58,000 crore and advances of over Rs. 36,000 crore (as
on 31st March 07). The net profit of the Bank for the
financial year ended on 31st March 2006 - 07 was Rs. 659.03
crore, up by 36% over the net profit of Rs.485 crore during
FY 2005 - 05. The Bank has today 561 Branches and Extension
Counters with more than 2341 ATMs at 332 Centers across the
country, which are fully networked and connected to a
Centralised Database. The Bank is a leading player in the
merchant acquiring business, with over 40,000 merchant
relationships.

    About Welcome Real-time

    Welcome is the leader in card marketing enhancements
that create added value at the moment of payment. Welcome
adds value to the traditional payment transaction through
an enhanced payment experience that provides benefits to
cardholders, retailers and financial institutions.
Welcome's technology drives credit and debit card programs
in 21 countries across the globe and has received industry
awards such as the "ROI of the Year Award" by The
Banker magazine (2004) and the "Frost & Sullivan
Industry Innovation & Advancement Leadership
Award" (2006). Welcome is headquartered in
Aix-en-Provence, France, with offices and R&D
facilities in Singapore, London, Milan, Madrid, Miami and
Sao Paulo. For more information, visit: www.welcome-rt.com
   
    For further information please visit the website at
http://www.utibank.com or http://www.welcome-rt.com or
contact:


    UTI Bank
    Hemant Kaul
    President (Retail Banking)
    Tel:   [phone]
    Email: [e-mail]
    
    Welcome Real-time
    Wong Wan Ling (Ms)
    Director, Marketing
    Asia Pacific
    Tel:   [phone]
    Email: [e-mail]