Money & Banking

RBL Bank credit cards go live on Visa

Our Bureau Mumbai | Updated on September 15, 2021

FILE PHOTO   -  REUTERS

Its card issuance was affected after the RBI imposed a bar on Mastercard from on-boarding new customers

Private sector lender RBL Bank on Wednesday started issuing credit cards to its new customers on Visa’s payment network.

“The launch follows the successful completion of technology integration with the new platform following the agreement between RBL Bank and Visa on July 14, 2021,” it said in a statement.

RBL Bank has a five per cent market share in credit cards in India. Its card issuance had got disrupted after the Reserve Bank of India imposed a bar on Mastercard from on-boarding new customers on its domestic network. RBL Bank earlier had an exclusive partnership with Mastercard.

Also read: Can you bank on neobanks?

The bank said it will leverage its partnership with Visa to offer a wide range of credit cards to a variety of customer segments, adding that the technology integration has been done in record time.

“With this launch, we are confident of meeting our annual plan of issuing 1.2-1.4 million credit cards in 2021-22,” said Harjeet Toor, Head – Retail, Inclusion and Rural Business, RBL Bank.

Sujai Raina, Head – Business Development, India, Visa said, “At 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 Visa-powered credit cards to their consumers.”

Published on September 15, 2021

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