RBL Bank credit cards go live on Visa’s payment network
- ByAyushi Ray | September 15, 2021
RBL Bank credit cards go live on Visa’s payment network. The bank entered into an agreement with Visa on July 14 as RBI had barred Mastercard from issuing new cards on to its platform from July 22 onwards. Mastercard was found non-compliant to the data localisation norms of the RBI. Previously, RBL Bank and Mastercard had an exclusive tie-up for issuance of cards on its platform.
RBL Bank has a 5 percent market share of credit cards. These cards are designed to offer smart, convenient and secure transactions, along with attractive reward propositions to customers, the bank said in the release. Harjeet Toor, Head – Retail, Inclusion and Rural Business, RBL Bank, said, “We are delighted to announce the onboarding of the widely-used Visa platform in record time. With this launch, we are confident of meeting our annual plan of issuing 1.2 to 1.4 million credit cards in FY22.”
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