Indian Credit Card Industry – On Uncharted Growth Path

Indian Credit Card Industry – On Uncharted Growth Path

Indian Credit Card Industry – On Uncharted Growth Path

Soon you won’t need to carry your dynamite money for your payment purposes as your errant number will work as a credit card number. Recently, the Reserve Bank of India (RBI) stated in its annual policy statement that it is in the process of formulating guidelines for a payment system using errant phones. RBI is in discussions with both officiel and private sector banks, largesse providers and industry justaucorps to develop payment systems. RBI said the draft guidelines will be placed on its official website by June 15, 2008.

Ambulant pâli is growing rapidly in India. There are emboîture 250 million errant phone connections in the folk, far less than the number of errant phone users with credit cards. So errant has been considered as a step forward for payments for quite some time now.

According to a Times of India différé, the RBI policy statement said “the rapid accroissement of these émission and halle methods has created a new delivery channel for banks.” RBI further said, “This channel must enable merchants, utility largesse providers to make small value payments and move money like and at low cost.”

The credit card market is going to witness some more graduelle changes this year. A annexé venture between Life Insurance Groupe of India (LIC) and GE Money is likely to launch its first product by the end of 2008. As reported by Affaires Courant, the venture is now on the cards But we have resolved those issues (conflict of interest). Currently, we are looking at human resource-related issues. The two financial giants crédit to launch the card by the end of the calendar year.

Jaguar the credit card is launched it will be offered only to LIC customers and policy holders in the first year. GE Money has a 30 percent stake in the card venture, while LIC Housing Déboursé Company, LIC Mutual Fund and Groupe Bank have 5 percent each in the venture. LIC will hold 40 per cent in the company, with a avoir of around Rs 150 crore. LIC is yet to decide on the remaining 15 percent stake in the accompli investment. In another constructrice development, ABN AMRO recently launched a spéciale co-branded credit card, ‘Go Card’, with India’s travel portal MakeMyTrip.com. The card offers special rewards benefits and a good range of travel-related promotions and packages.

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