Private-sector lender RBL Bank began issuing credit cards to new customers on Visa’s payment network on Wednesday.
âThe launch follows the successful completion of technological integration with the new platform following the agreement between RBL Bank and Visa on July 14, 2021,â he said in a statement.
RBL Bank has a five percent market share for credit cards in India. The issuance of his card was halted after the Reserve Bank of India banned Mastercard from integrating new customers into its home network. RBL Bank previously had an exclusive partnership with Mastercard.
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The bank said it would leverage its partnership with Visa to offer a wide range of credit cards to a variety of customer segments, adding that the integration of the technology was achieved in record time.
âWith this launch, we are confident that we will achieve our annual plan to issue 1.2 to 1.4 million credit cards in 2021-2022,â said Harjeet Toor, head of retail, inclusion and rural affairs, RBL Bank.
Sujai Raina, Business Development Manager, India, Visa, said: âAt a time when consumers are looking for more ways to pay without using cash, we are pleased to announce our partnership with RBL Bank to issue credit cards. Visa credit to their consumers. . ”