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May 15, 2007
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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