The Western Union Company is partnering with ICICI Bank and Mastercard to launch the Western Union ICICI Bank Prepaid Card in India (view press release). The card aims to give the underbanked in India, many of which carry only cash, a safe way to store and access their money anytime, along with options for saving and spending. The card will allow users to load funds on the cards of family members and to transfer funds card-to-card across India, a feature Western Unions expects to introduce next year.

Indians can add funds to their cards via direct deposit from payroll or government payments, by loading their own cash at select Western Union Agent locations or with a money transfer.