Tuesday, May 6, 2008

RBI will launch IndiaPay credit card

By the end of the next year the Reserve Bank of India (RBI) is planning to launch an IndiaPay credit card – an Indian version of the China UnionPay card.

On Saturday evening in a press conference RBI executive director R B Barman told , "Inspired by the success of the China UnionPay card, we will be launching a similar one in our country to promote the use of plastic money among Indians. The credit card will be especially designed for the common people with low interest rates and risk reduction facilities.”

Barman said the National Payment Council of India (NPCI) is preparing guidelines for the registration process of the card. The NPCI authorities has been authorized to decide on the type of the card - whether it would be a smart card or something else.

"If all our plans and government procedures gel well then we can hope to release this card in the market by the end of 2009," he added.

The China UnionPay card was introduced in 2002. The card can be used at over over 85,000 ATM counters of 14 major and other minor banks across the world. Besides, the card can function as regular MasterCard or Visa credit cards abroad.

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