Credit / Debit Card Acceptance on Rise as Indian Banks Push POS Terminals

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Credit card POS Terminals Rise in IndiaIndians are increasingly spending Plastic Money – using Credit / Debit cards as RBIs favorable regulations has helped develop the Eco-system for Banks & Consumers as well. For Banks, Credit Cards has become a profitable portfolio and thus the race began with private banks beginning to be the end points for sale [POS] transaction which helps them keep the 1.65% Merchant Discount Rate they charge to the business establishment.

HDFC Bank began the race for establishing POS terminals and it has reached a whopping 245,842. ICICI Bank has also made a strong

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Missed Call to be used for Credit Card 2nd Factor Authentication in Online / Mobile Transaction

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MissedCall Authentication in India for Online ShoppingAfter looking into Massive Credit Card Frauds in Online Transactions happening Abroad for Cards Issued in India, CardBhai – Credit Advisory floated the idea of 2nd Factor of Authentication for Card Not Present Transactions such as Online Shopping. Earlier in March, the RBI mandated Credit Card Issuing companies to upgrade their systems for Additional Authentication for Online Transactions. HDFC Bank went a step ahead and gave consumers a choice of One Time Password sent to their Mobile which could used to complete the Online Transaction.

Now for the second factor of authentication banks have come up

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RBI to Penalize Banks for Unsolicited Cards & Actions – Empowers Customers

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RBI Penalties for Unsolicited CardsAfter Years of Pleading with the Banking Regulator, RBI has finally obliged to our requests made over the last several years to Penalize the Banks for Unsolicited Actions.

Indian banks in greed for Profits resorted to unethical business practices of issuing Unsolicited Credit Cards. RBI in its MasterCircular dated 01-Jul-2013 with reference no- RBI/2013-14/60 DBOD.No.FSD.BC.4 / 24.01.011/ 2013-14 has clearly stated that

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Smart Shoppers can explore American Express & Payback Credit Card

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American Express PAYBACK Credit Card FeaturesWorld’s 3rd Largest Credit Card issuer, American Express has joined hands with Payback Network and launched American Express Payback Credit Card for the Smart and Savvy Shoppers with multiple benefits. Yes this is a Credit Card and not a Charge Card like AMEX Platinum or AMEX Gold Card [Charge Cards are the ones where you have to Payback the Bill in full at the end of every Billing Cycle]

The Payback card is designed for consumers who shop and organize their

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Private Banks Ride Retail Credit Lending Boom backed by CIBIL,Experian & Equifax

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CIBIL Credit Bureau Conference IndiaIndian private sector banks are focused on retail lending, largely on account of process-driven lower turnaround time for lending decisions in the retail segment. Bureaus such as CIBIL, Experian and Equifax have played a key role in meaningfully reducing the probability of adverse selection by lenders, facilitating more sensible targeting and deeper mining of existing customer relationships. However, in the current cycle, the thrust is equally split between secured and unsecured (50:50) in contrast to 2007 where the mix was skewed towards unsecured (nearly 70%-80% of the proposals during 2007 were unsecured in nature).

Indian Credit Bureaus, CIBIL, Experian and Equifax also believes that banks are more comfortable in disbursing top-up loans on an existing loan product resulting in rising leverage,

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HDFC Credit Cards Roll-Out “One Time Password” for Online Transactions

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HDFC Cards OTP-1India’s Largest Credit Card issuer, HDFC Credit Cards today informed us that they have rolled out One Time Password [OTP] authentication for Online Transactions. Consumers now have a choice to use either MasterCard SecureCode / Verified by Visa OR One Time Password which will be sent to the customers registered e-mail id as well as mobile phone.

As soon as we received the call, we decided to test it out by paying Reliance Communications bill online. As shown in the image above, you are provided a choice.

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