News from the Wire

Visa Money Transfer goes mobile in India

Tuesday, October 23, 2007 — 09:33:28 (EDT)

Mumbai, India, Oct. 23, 2007 -- Partners Corporation Bank, HDFC Bank, ICICI Bank and mChek to offer public trial of Visa’s remittance service, Visa Money Transfer, via mobile phones Visa today announced that it is extending its Visa Money Transfer service, which is currently available to Visa cardholders in India from 15 banks through branches, ATMs and the internet, to an initial 500,000 Visa cardholders. Visa is partnering with three of India’s leading banks – Corporation Bank, HDFC Bank and ICICI Bank – and banking technology company mChek to launch this service. Visa Money Transfer, launched by Visa in India in 2004, is a domestic card-to-card money transfer service that enables a Visa cardholder to transfer money conveniently and securely to another Visa account number. Visa Money Transfer’s adoption for domestic funds transfers means that as at 30 June 2007 more than 50 million Visa cardholders[1]spread across more than 150 towns in India would be able to use the service to transfer and receive funds. India was the first market to launch this card-to-card money transfer service in the Asia Pacific region. The service, Visa Money Transfer on Mobile, has been developed and tested in conjunction with mChek. mChek provides the software for mobile handsets and processing capabilities to link up to VisaNet, Visa’s global transaction processing network. According to Santanu Mukherjee, Country Manager – South Asia, Visa International Asia Pacific, “Visa Money Transfer was designed to address the needs of both remittance senders and recipients - providing convenience, security and speed of transfer at a reasonable cost across a wide geographical spread. While India is the leading recipient of international remittances in the world[2], there is need for domestic remittance services as well, as Indians also send money to family and friends who live in other parts of the country. The extension of Visa Money Transfer to mobile phones provides a convenient means for Indians to remit funds. “Extending the service to mobile phones fits with Indian consumer behavior as India currently has more than 166 million mobile subscribers[3], and according to Wireless Intelligence, is the number two market in the world in terms of new GSM subscribers[4]. Indians are signing up for mobile phone service at a rate of five million new wireless connections a month[5],” he added. Chairman and managing director of Corporation Bank, Shri B. Sambamurthy, said, “Visa Money Transfer via mobile phones is yet another value-added service the bank is offering to its customers. Corporation Bank has used new technologies such as SMS banking and internet banking services to provide banking services to not only its urban customers but also rural and semi-urban customers. The bank is already offering Visa Money Transfer on its ATM network and is now delighted to extend this service via mobile phones.” Executive vice president, Retail Banking, HDFC Bank, Mr. Rahul Bhagat said, “HDFC Bank customers will benefit from the Visa Money Transfer service via mobile phones, as it facilitates quick, easy and convenient transactions. Visa Money Transfer via mobile phones is another landmark in the Indian banking history, charting how remittance has evolved over time from plastic to ATMs to the internet and now to mobile phones.” ICICI Senior general manager and head of Cards Products Group, Sachin Khandelwal said ICICI Bank and Visa have been working together to provide value-added services to existing ICICI Bank Visa credit and debit cardholders. “It is our endeavor to bring out the latest financial technology options and services that are secure and convenient to our customers. As one of the users of mChek technology, we are pleased to be part of the Visa Money Transfer via mobile phones development and offer the service to ICICI Bank cardholders,” he said. Chief executive officer of mChek, Mr. Sanjay Swamy, said, “mChek is proud to partner with Visa and be the first banking technology company in India to enable person-to-person money transfer via mobile phones. Together with our industry-leading partners - ICICI Bank, HDFC Bank and Corporation Bank -we can now make sending and receiving money convenient in India.” Initially, this service will be a pilot program available to Visa cardholders of Corporation Bank, HDFC Bank and ICICI Bank. The recipient can be a Visa cardholder of any bank in India and the money can be transferred to his/her mobile phone or Visa card. To enable this application on cardholders’ mobile phones, there are two options:

* Cardholders with Java-enabled mobile phones need only to download the application onto their phones; or * Non-Java-enabled mobile phone users can have their existing SIM cards replaced.

There is a minimal cost for each transaction that will be fixed by the cardholder’s issuing bank. To ensure security, users of this service have a unique passcode which will prevent misuse even if their phone is lost.

[1] According to Visa client reporting as at end June 2007 and therefore subject to change [2] According to the Reserve Bank of India (RBI), Indians living abroad transferred $24.6 billion to India in the fiscal year 2005-2006. The World Bank estimates for 2005 put India in the lead at $23.5 billion, with China and Mexico close behind at $22.4 billion and $21.7 billion, respectively. [3] According to CIA World Factbook as of end-2006 [4] Wireless Intelligence, “Subscriber statistics end Q1 2007” [5] According to BusinessWeek Online, “The explosive mobile growth in rural India” – 8 August 2006. About Visa Visa operates the world’s largest retail electronic payments network providing processing services and payment product platforms. This includes consumer credit, debit, prepaid and commercial payments, which are offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa enjoys unsurpassed acceptance around the world and Visa/PLUS is one of the world's largest global ATM networks, offering cash access in local currency in more than 170 countries. For more information, visit www.corporate.visa.com .

About Corporation Bank/About HDFC BANK

Corporation Bank is a Premier Public Sector Bank with a track record of over 100 years. It has a nation-wide presence with over 1,850 service outlets and a business turnover exceeding Rs.75,000 crore. The Bank offers a wide range of Tech Savvy products and services to its customers. Recently, it became the first Public Sector Bank in the country to enter M-commerce and introduce the unique service of “Pay by Mobile”. It is also the only Public Sector Bank to connect all its branches under Core Banking Solution so that the customers can transact from any of its branches across the country. Promoted in 1995 by Housing Development Finance Corporation (HDFC), India's leading housing finance company, HDFC Bank is one of India's premier banks providing a wide range of financial products and services to its over 10 million customers across hundred of Indian cities using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking. Within a relatively short span of time, the bank has emerged as a leading player in retail banking, wholesale banking, and treasury operations, its three principal business segments. The bank's competitive strength clearly lies in the use of technology and the ability to deliver world-class service with rapid response time. Over the last 10 years, the bank has successfully gained market share in its target customer franchises while maintaining healthy profitability and asset quality. As of June 30, 2007, the Bank had a network of 753 branches and 1,605 ATMs in 320 towns/cities. For the year ended Mar 31, 2007, the bank reported a net profit of INR 11.42 billion (Rs.1142 crore), 31 percent higher over the previous year ended March 31, 2006. Total deposits at INR 682.98 billion (Rs.68,298 crore) were over 22 percent higher. Total balance sheet size too grew by 24 percent to INR 912.36 billion (Rs.91,236 crore). Leading Indian and international publications have recognized the bank for its performance and quality. (For further information please log on towww.hdfcbank.com ).

About ICICI Bank/About mChek

ICICI Bank (NYSE:IBN) is India's second largest bank and largest private sector bank with over 50 years presence in financial services and with assets of Rs. 3,569.32 billion as on June 30, 2007. The Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialized subsidiaries in the areas of investment banking, life and non-life insurance, private equity and asset management. ICICI Bank is a leading player in the retail banking market and services its large customer base through a network of over 950 branches and extension counters, 3,515 ATMs, call centers and internet banking (www.icicibank.com ) to ensure that customers have access to its services at all times. mChek, an ISO 27001 and PCI-DSS 1.1 company, is headquartered in the Cayman Islands, with an operating company in India. The company is funded by Draper Fisher Jurvetson (www.dfj.com) a leading venture capitalist in Silicon Valley. The company has developed several patent-pending applications in the areas of security and banking. mChek’s services have been developed with several years of technology and market research, and brings the eco-system of telecom operators, banks, merchants and consumers together in a cohesive and win-win manner. mChek currently operates in India and Sri Lanka.

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Source: Company press release.