Indian rival in works to take swipe at Visa, MasterCard
MUMBAI: Visa and MasterCard, the American giants that play a role nine out of ten times when anyone uses a credit card in the world, will face an unusual rival in India.
IndiaPay, a new state-backed payment processing platform, will be up and running within the next two years. Once it goes onstream, the IndiaPay card will not only dilute the dominance of Visa and MasterCard in the payment processing space, but also bring down transaction charges for banks.
At present, close to four crore plastic cards (credit and debit cards put together) are in circulation in the country, with the majority of them being serviced by the two entities. IndiaPay, being developed with Reserve Bank of India’s active support, will be India’s first indigenously developed card payment service provider.
Written by admin on August 8th, 2010 with 1 comment.
Read more articles on Banking and RBI.