May 15, 2007

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  NEWS: India Gets 1st Rewards Program

  UTI Bank, one of the country of India's largest, announced recently that it plans to offer a rewards program on its bankcards. The news heralds the arrival of the country's first-ever merchant-supported rewards programs. The "Spice Rewards" scheme is a multi-retailer, merchant supported bankcard rewards program, planned to make a huge impact in India's thriving, but largely undifferentiated, card market. While Spice Rewards will not be the country's first overall rewards or loyalty program, representatives from UTI say that it will stand out, with "innovative promotional marketing features to merchants," as well as hassle-free redemption and recognition.
  
  UTI has been creatively and aggressively plotting its dominance of India's plastic scene for years, with an eye towards major retail growth to fuel its profits. The bank picked up its credit card division in 2003, and has thrived in the market. Representatives say that the Spice Rewards program is only the newest way that UTI will insinuate itself into Indians' wallets using the tried-and-true combination of great value and exceptional customer service. UTI plans to launch Spice Rewards to the 150,000 UTI Bank Credit Cards, as well as to all six million debit cards of the Bank in the market today.
  
  
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