MUMBAI and GURGAON, India, April 4, 2016: Full-service payment processing specialist, QPS announced today that the company has sealed a five-year business alliance to manage Forex Prepaid Card Processing with DCB Bank, a new generation private sector bank. Under the aegis of this alliance, QPS will drive DCB TravelSmart, the bank's Multi-Currency Forex Prepaid Card, by providing end-to-end technology and operations support.
According to a report by Tourism Australia, the number of Indians travelling abroad is set to rise from nearly 15 million to 50 million by 2020. Travelers are increasingly looking for safe, secure and convenient methods to carry foreign currency for overseas travel. DCB TravelSmart Card not only meets these requirements but is also a good way to manage currency exchange rate fluctuations as the card is valid for a period of five years, at the rate at which it was bought. DCB TravelSmart can accomplish this for 99 currencies on a single card, over a period of time.
Mr. Praveen Kutty, Head Retail & SME Banking at DCB Bank says, "A large portion of DCB Bank's customers travel to Middle East. As per Abu Dhabi Tourism and Culture Authority (TCA Abu Dhabi), Middle East saw around 25% increase in year-on-year overnight visitors from India. DCB Bank customers have expressed the need for using a multi-currency card. QPS has the fintech solution that has enabled DCB Bank to address this requirement. As per a report by LiveBean Hospitality on the Emerging Corporate and Leisure Market in India, Middle East and Asia Pacific are attracting more than two thirds of the total outbound trips from India. DCB Bank is confident of addressing the needs of this segment by offering a superior, smart and safe travel companion to all customers in the form of DCB TravelSmart."
Mr. T. R. Ramachandran, Group Country Manager, India and South Asia, Visa says, "One of the key findings of The Visa Global Travel Intentions Study 2015, is that Indian travelers undertake more international trips compared to the global average, to destinations across the world. Visa through its Forex card solutions offering, provides a significant opportunity to the banks in India to digitize a large portion of this spend through cards. We are excited by the opportunity and look forward to working with VISA-certified processors like QPS, who empower banks and financial institutions to address this opportunity."
Mr Rajesh Dhuddu, Senior Vice President at QPS says, "Issuance of multi-currency Forex Prepaid Cards, though the product has been around for couple of years, is limited only to select public and private sector banks. This is primarily on account of banks being apprehensive of investing in in-house technology and operations, to offer the product. As a result, several financial institutions either have stayed away from issuing the card or issue a white labeled card provided by other larger banks. QPS is well positioned to partner with these financial institutions to offer their own branded multi-currency Forex Prepaid Cards and further strengthen their banking services to end customers without incurring any significant upfront capital and continuing operational expenditures."
About DCB Bank
DCB Bank Limited is a modern emerging new generation private sector bank with 176 branches across 17 states and 2 union territories. It is a scheduled commercial bank regulated by the Reserve Bank of India. It is professionally managed and governed. DCB Bank has contemporary technology and infrastructure including state-of-the-art Internet banking for personal as well as business banking customers. The Bank's business segments are retail, micro-SMEs, SMEs, mid-corporate, Microfinance Institutions (MFI), agriculture, commodities, government, public sector, Indian banks, cooperative banks and Non Banking Finance Companies (NBFC). DCB Bank has approximately 500,000 customers. The bank has deep roots in India since its inception in 1930s.
Its promoter and promoter group, the Aga Khan Fund for Economic Development (AKFED) and Platinum Jubilee Investments Ltd., holds over 16% stake. AKFED is an international development enterprise. It is dedicated to promoting entrepreneurship and building economically-sound companies. AKFED operates as a network of affiliates with more than 90 separate project companies over 47,000 people.
For more details please visit: https://www.dcbbank.com and https://www.akdn.org/akfed
QPS, a division of QPS, is a Visa and MasterCard certified leading payment processing services provider to banks, financial institutions, merchants and payment gateways worldwide. The company's core team of over 600 seasoned associates consists of payments/cards transaction processing analysts, risk management professionals and technology experts with a track record of providing card processing services in USA, India, Middle East and South East Asia.
QPS' services support issuing, acquiring, Mobile POS, ATM driving, mobile wallets and payment gateways functions of banks using one platform and interface.
The company is uniquely positioned to offer next-generation payments processing services providing unmatched ROI to financial institutions, merchants, payment gateways, processors and program managers.
For more information, please visit: https://www.qpsinternational.com
About VISA Inc.
Visa Inc. (NYSE: V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world's most advanced processing networks - VisaNet - that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead of time with prepaid or pay later with credit products.
Marketing, Investor Relations& PR
DCB Bank Limited
India & South Asia
Tel: +91 22 66884147