ICICI Bank & Jet Airways Launch Contactless Credit Card for SMEs
ICICI Bank, India largest private sector bank, announced the launch of the country first contactless business credit card in association with Jet Airways, India premier international airline, for small and mid-sized enterprises (SMEs) and their employees.
Christened Jet Airways ICICI BankBusiness Advantage Card;, this co-branded credit card helps customers to save on their business expenses. It also provides customers opportunities to earn JPMiles on both spends as well as repayments on a list of business expense categories including travel, dining, office stationary, online advertising and vendor payments among others. The reward is in the form of JPMiles, that is allocated to boththe SME and the cardholder/s as per the Miles Split Ratio Module (MSRM) chosen by the SME. The JPMiles can be split between cardholder/s and the company in the ratios of 75:25, 50:50 25:75. (The JPMiles earned by the company are transferred to its Business Rewards+; account of Jet Airways. The points of the cardholder are transferred to his/ her individual JetPrivilege account).
ICICI Bank is the first bank globally to offer a dual advantage reward programme on the spends and repayments of the credit card. This card is powered by the VISA pay Wave; contactless technology that enables the cardholder to make payments by simply tapping the card at contactless enabled terminals in more than 48 countries including India. The card can also be used by dipping or swiping at non-contactless merchants. Additionally, the card offers a complimentary access to a unique expense management tool, Visa IntelliLink for Small Businesses;(VISB)giving entrepreneurs a new level of insight and control over their spends.
Speaking about the launch, Mr. Rajiv Sabharwal, Executive Director, ICICI Bank said, “We are delighted to partner with Jet Airways and Visa to introduce the country first contactless business credit card. This collaboration further underscores our commitment to provide SMBs with solutions that will help them to scale up swiftly. The co-branded card is yet another compelling proposition that offers upfront savings on business spends, along with a first of its kind benefit of offering rewards on both spends and repayments on a large list of business expense categories. Additionally, the card also gives a complimentary access to Visa expense management tool allowing entrepreneurs to keep track of all business related spends. Keeping in view the host of benefits on offer, we believe that this card will empower smaller businesses to maximize their business potential and propel them to expand to newer horizons.”
Mr. Gaurang Shetty, Whole-time Director, Jet Airways,said, The new Jet Airways ICICI Bank Business Advantage Card is yet another step by Jet Airways towards creating a world class guest experience by offering a product that appeals to the needs of the SME segment. We are delighted to bring to our guests these unique co-brand card propositions. This co-brand business card will provide superior guest experience thus enabling us to deepen our relationship with our existing guests. The co-brand card, is thus, an important milestone in partnership with ICICI Bank and highlights the quality of collaboration between the two partners.
Mr. Manish Dureja, Managing Director, Jet Privilege Pvt. Ltd., said, JetPrivilege has always been the leader in presenting industry first initiatives across various segments of frequent fliers. With Small and Medium Enterprises no longer confined to geographical boundaries, JetPrivilege aims to serve this diversified and growing community, with a powerful proposition supporting their growing business needs. With Business Rewards+ we facilitate SMEs to maximize their business potential, by rewarding companies with JPMiles for all their business travel and entertainment expenses. We are confident that this programme offering will appeal to both businesses as well as their employees.
Mr. TR Ramachandran, Group Country Manager, India South Asia, Visa, said, “We are proud to partner with ICICI Bank to launch the first Visa co-branded business card in the country. This card is the first business card powered by VISB, a sophisticated new information and expense management tool, giving businesses a new level of insight and control over their spending. Also, this is the first business credit card with contactless payWave technology, enabling the cardholder to make fast and convenient payments. Companies can subscribe to the card by paying a joining fee of Rs. 2,500 per card and get a host of benefits.”