RBL Bank begins issuing Visa credit cards

CIOReviewIndia | Wednesday, 15 September 2021, 04:34 IST

RBL Bank begins issuing Visa credit cardsRBL Bank on Wednesday announced that it has started issuing credit cards to its new customers on Visa’s payment network. The launch follows the successful completion of technology integration with the new platform following the agreement between RBL Bank and Visa on July 14, 2021.

The bank, which has a 5% market share in credit cards in India, will leverage its partnership with Visa to offer a wide range of credit cards to a variety of customer segments. These cards are designed to offer smart, convenient and secure transactions, along with attractive reward propositions to customers, RBL Bank informed in an exchange filing.

In July, RBL Bank had said that it has entered into an agreement with Visa Worldwide to start issuance of credit cards on the Visa platform. The new agreement came a day after the Reserve Bank of India (RBI) indefinitely barred the US-based Mastercard from issuing new credit, debit, and prepaid cards with effect from July 22 for its failure to comply with data storage norms.

RBL had said that it awaits further information from Mastercard on RBI's supervisory action.

Mastercard, a major card issuing entity in the country, is the third company to have been barred by RBI from acquiring new customers after American Express Banking Corp and Diners Club International over local data storage issue.

RBL Bank is one of India’s leading private sector banks, currently serving over 9.83 million customers through a network of 435 branches, 1,422 business correspondent branches (of which 271 banking outlets) and 380 ATMs spread across 28 Indian states and Union Territories.

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