India Card from RBI | INDIA CARD to replace VISA, Mastercard and American Express Cards

October 12th, 2012| News.

India Card

In the real time payment processing the India Card is going to mark its position in the place of Visa and Master Cards. It may be released in to the market by next year. At first these India Cards are available with debit card processing and then with Credit card processing.

Wide range of Debit Cards…

Compared to the credit cards the usage of debit cards is more so the India Card is been launched first with Debit card processing. According to the statistics of the RBI there are nearly 15.6 Crores of debit cards and 2.12 Crores of credit cards in usage. Due to the delay in the payment of the amount many credit cards are canceled by the banks and so the number of cards decreased to 2.83 Crores by April.

In the whole country it is the Visa and Master cards that are acting as the mediators for banks, business companies and card holders. So, there is no other solution to the banks except to have a tie up with them. For all the processing transactions through ATM and Credit cards the International banks paid Rs.400 crores as the fee to the International card companies. As the next step, to rectify all these problems a debit card is released with the name “Ease Card”. In the same way RBI is also planning to release the India Card.

Transaction made easy with India Card…

If India Card is released in the market, all the Indian transactions can be done by International network. India card network is making all the ATMs and Points of Sales terminals in the form of Payment Gateway. The network that is necessary for the Electronics Payment Settlement is taken up by National Payments Corporation of India (NPCI).There are shares for the Government, private and International banks in NPCI.