State Bank of India Taps Yalamanchili for Money Transfer Card (Sept. 19, 2013)
Sept. 19, 2013
The State Bank of India has selected international payments solutions provider Yalamanchili to provide the processing platform for the bank’s new State Bank Xpress Money Card, which enables cardholders to receive instant money transfers from the United Arab Emirates. The prepaid Visa card is co-branded by the State Bank of India and global money transfer service UAE Exchange, which has 300 branches in India. The card can be loaded with up to Rs 50,000 (US$809) and can be used at any merchant who accepts Visa at POS or online, or to make cash withdrawals at ATMs.
India is the world’s top recipient of remittances from foreign countries, with total remittances topping $69 billion in 2012, according to the World Bank. Of that total, $30 billion is sent by Indian workers living in the Gulf Cooperation Council, which includes the U.A.E., Saudi Arabia and Kuwait, among other nations. India-bound remittances have been bolstered in recent months by a steep depreciation of the rupee, which makes foreign funds sent from abroad more valuable. Prepaid remittance cards have been on the rise in India to meet the growing demand. Late last year, Punjabi National Bank and UAE Exchange launched a remittance card, while a card from Western Union and ICICI Bank debuted a few weeks prior.