Financial Daily from THE HINDU group of publications
Friday, Apr 23, 2004
Financial Daily from THE HINDU group of publications Friday, Apr 23, 2004 |
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Money & Banking
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Credit Cards & Debit Cards Prepaids soon from BoBCard Our Bureau
Mr. S.P. Garg, Managing Director, BoBCards, and Mr T.V. Lakshmi Narayanan, General Manager, BoB, at a press conference in Chennai. - - Shaju John
Chennai , April 22 BOBCARDS Ltd, a wholly-owned subsidiary of Bank of Baroda, intends to introduce two pre-paid cards, a dollar card for international use and the other a rupee card for local use. The bank also wants to add about 5,000 more merchant establishments, taking the total merchant establishments under it to 30,000. BoBCard is one of the largest `acquiring banks' in the country. BoBCard's Managing Director, Mr S.P. Garg, said here that the bank had hitherto been concentrating on `acquisition' business, or, to put it simply, getting shops to use its swipe machines. Every shop then pays BoBCard 1.5 per cent of the value of each purchase that is made using any credit card. BoBCard in turn, will have to pay either MasterCard or Visa 1.3 per cent of the value of each transaction. Therefore, BoBCard would get to retain 0.2 per cent of the value of each purchase that is made using a credit card, at each shop under it.
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