Mumbai : RBL Bank has 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.
“We are delighted to announce the onboarding of the widely-used Visa platform in record time. We would like to thank Visa as well as Fiserv, our technology partner, for enabling this journey. With this launch, we are confident of meeting our annual plan of issuing 1.2 to 1.4 million credit cards in FY22” Harjeet Toor, Head – Retail, Inclusion and Rural Business, RBL Bank, said.
The Bank, which has a 5% market share in credit cards in India, will leverage its partnership with Visa to offer a wide range of credit cards to a variety of customer segments.
RBL Bank, which was earlier issuing credit cards on Mastercard network, had entered into a partnership with Visa in July after RBI imposed restrictions on Mastercard.
On July 14, RBI imposed restrictions on Mastercard Asia / Pacific Pte. Ltd. (Mastercard) from on-boarding new domestic customers (debit, credit or prepaid) onto its card network from July 22 for non-compliance of RBI directions on Storage of Payment System Data.