UTI's spice rewards will be available to the 150,000 exsisting UTI bank credit cards and six million debit cards.
With spice rewards, it will be the first in the market to offer cardholder- and merchant-centric promotional marketing programmes that differ from traditional and conventional points-based rewards programme operated by other banks.
The programme will provide innovative promotional marketing features to merchants with the help of software developed by payment solutions provider Welcome Real-time.
"We needed a distinctive payment solution that gives us a unique first-mover advantage in India," UTI Bank's President (Retail Banking) Hemant Kaul said.
Venture Infotek's Managing Director Piyush Khaitan said the software developed by Welcome Real-time has the versatility to simultaneously support existing mag-stripe payment cards as well as other future payment platforms such as EMV standard chip cards and contactless tap and go cards.
The bank plans to extend the programme to a significant number of brand-name retailers before the end of the year.