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January 21, 2014

IDBI Bank ventures into credit card business

India-based IDBI Bank is, reportedly, entering into credit card business and plans to issue around 500,000 cards in three years.

By Verdict Staff

India-based IDBI Bank is, reportedly, entering into credit card business and plans to issue around 500,000 cards in three years.

IDBI is planning to issue Europay, MasterCard and Visa (EMV) chip cards with magnetic stripes, which is accepted all over the world and is safe to use.

Working with Visa and MasterCard, IDBI will mainly offer three types of credit cards – Platinum, Signature and Corporate, reported The Hindu Business Line.

IDBI will team up with a third party service (TPS) provider to offer solutions for credit cards.

The TPS will also look after operational activities such as account updation, demographic changes, payment instructions, recurrent payment instructions and balance transfer requests.

IDBI Bank, which already issues Rupay debit cards, is also expected to issue credit cards in association with Rupay.

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