The Hindu Business Line : IOB ties up with Visa to offer debit cards

Mr T. S. Narayanasami, Chairman and Managing Director, IOB, said the bank's customers would be able to use the cards at any ATM that displays the Visa logo.

The cards can be used to pay for purchases at shops and business establishments, and no charges will be levied on such point-of-sale transactions. Mr Narayanasami said that the cards could be used internationally as well, and also for e-commerce and Internet payments through secured electronic payment gateways.

All of the bank's 400,000 customers who hold ATM cards, which currently only allow them to withdraw cash from the bank's InstaCash ATMs, will have their existing cards replaced by debit cards within the next three months to allow them to enjoy all the other services as well.

The bank has at present 254 ATMs with plans to install 150 more by the end of this year, and expects the debit card base to reach 7.5 lakh within the next two years. It has tied up with a consortium of banks under the `CashTree' banner, through which customers can access their accounts from more than 1,800 ATMs.

The bank plans to introduce credit cards by December this year.

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