The Reserve Bank of India (RBI) will launch an IndiaPay credit card an Indian version of the China UnionPay card by the end of next year. Inspired by the success of the China UnionPay card, we will be launching a similar one in our country to promote the use of plastic money among Indians.
The credit card will be especially designed for the common people with low interest rates and risk reduction facilities, RBI executive director R B Barman said. Barman said the National Payment Council of India (NPCI) is working on the registration process of the card. The NPCI authorities would decide on the type of the card - whether it would be a smart card or something else.
The China UnionPay card was introduced in 2002. The card gives access to over 85,000 ATM counters of 14 major and other minor banks across the world. Besides, the card can function as regular MasterCard or Visa credit cards abroad.
The credit card will be especially designed for the common people with low interest rates and risk reduction facilities, RBI executive director R B Barman said. Barman said the National Payment Council of India (NPCI) is working on the registration process of the card. The NPCI authorities would decide on the type of the card - whether it would be a smart card or something else.
The China UnionPay card was introduced in 2002. The card gives access to over 85,000 ATM counters of 14 major and other minor banks across the world. Besides, the card can function as regular MasterCard or Visa credit cards abroad.
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