SBI and Mastercard Partners with Centrum for distribution of its prepaid forex card
Posted on:15 Jun 2016 14:41:31
15 June 2016 Current Affairs GK: India's largest bank, State Bank of India (SBI) and MasterCard announced pilot launch of a distribution alliance with travel prepaid cards distributor Centrum. This partnership will aid the distribution strength of the Bank for it's multicurrency prepaid card and will largely target the corporate customers of the bank.
The Bank is excited as this has been the first ever alliance SBI has entered into to supplement their distribution reach which is already very deep in the consumer segment. The partnership with Centrum will help the Bank to serve the Corporate Segment in a focused and more personalised manner.
To start with, the pilot will be initiated in select branches and based on the learning will be expanded across the country in near future .
Outbound travel from India has witnessed a steep surge over the past few years, with DGCA findings further stating that outbound travel is slated to grow to 50mn travelers by 2020 from 17.2mn in 2014. Within this, outbound travel for business from India has also risen by several notches, and this has created a need for a payment solution that brings a range of relevant benefits.
With Centrum's capabilities of a wide distribution network, the partnership between SBI, MasterCard and Centrum will enable better and stronger outreach to an increasing number of corporates with this proposition .
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