India Pay Cards can be the best replacing ones for Visa and Master Cards | India Pay Cards will hit the market within two years and the task is assigned to NPC

August 23rd, 2010| Uncategorized.

India Pay Cards can be the best replacing ones for Visa and Master Cards | India Pay Cards will hit the market within two years and the task is assigned to NPC

 

The domination of American company credit cards like Visa and Master cards on Indian credit, debit markets is going to be over in a few days.  India Pay cards, which are being designed with the cooperation of Reserve Bank, are going to be available within two years.  India Pay cards are going to give a tough competition to the Visa and Master cards and the charges for bank transactions are also going to decrease drastically.  There are around 4 crore plastic cards (debt, credit cards) in India.  Most of them are Visa and  Master card company cards.  Visa, Master Cards process the payments between the credit card holder’s bank and the traders.  They collect charges for this.

National Payments Corporation has been assigned the project of designing the cards by Reserve Bank.  NPC is promoted by SBI, Punjab National Bank, ICICI bank, HDFC bank and other foreign banks like Citi bank and HSBC.   India Pay card system will be readied  within 18-24 months.

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