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IDBI Bank to issue credit cards

IDBI Bank is planning to isse credit cards to its customers. The bank intends to issue around 5 lakh cards in 3 years. It will be issuing EMV compliant chip cards with magnetic stripe. The bank has a customer base of 10 million currently. Since many merchant establishments in the country still have credit card payment infrastructure (terminals) that accept cards with magnetic stripe, the bank has decided to issue EMV cards with magnetic stripe. The category of credit cards that the bank plans to issue are: Platinum, Signature and Corporate. The bank is planning to engage the services of a third party service provider for providing end-to-end solutions for credit card issuance under the outsourced model. The TPS provider, among others, will undertake operational activities relating to account updation, demographic changes, payment instructions, recurrent payment instructions and balance transfer request received through physical change request form/phone banking/net banking. For now, the bank will be issuing credit cards on Visa and MasterCard platforms. Once NPCI launches its RuPay credit card, the bank will issue these cards too.

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