Do you know your every transaction done with your plastic cards (credit and debit cards) enables some amount of money to be transferred to service provider viz. Visa and Mastercard. Your every transaction makes bank to pay the money to Visa or Mastercard based on your card.
Out of every 10 transactions done in the world, 9 are done by these two companies Viz. Visa and Mastercard, which are American companies. That means a part of your earnings goes to these foreign firms who charge heavy rates to our banks.
But now there is an Indian firm heading to give tough competition to these firms, yes it is India Card.
RBI has asked the Indian Banks Association to launch a not-for-profit company and design a rival card, tentatively called India Card, that will meet the requirements of the domestic banks.
RBI has asked the Indian Banks Association to launch a not-for-profit company and design a rival card, tentatively called India Card, that will meet the requirements of the domestic banks.
India Card will come with its credit and debit cards just like Visa and Mastercard, and the best part it is an Indian firm and it will charge comparatively lower prices then what Mastercard and visa do. And it is strongly backed up by RBI (Reserve Bank of India).
Moreover, it has got support from nearly all banks like SBI, ICICI Bank, HDFC, Punjab National and other banks. It has also gained support from foreign bank like citi bank and HSBC.
Two years from hence the project is supposed to be completed and India Card will jump in to the Payment processing space. This will surely establish our nation in this space too.
Personally, I will love to hold an India Card credit and debit cards and will be a proud owner; I think the rest of nation will also like to welcome the new Indian emerging organization.
Best Regards,
Navneet Singh Chauhan
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