Financial Daily from THE HINDU group of publications
Tuesday, Jul 01, 2003
Financial Daily from THE HINDU group of publications Tuesday, Jul 01, 2003 |
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Money & Banking
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Credit Cards & Debit Cards Federal Bank launches Visa debit card Our Bureau
Mr K.P. Padmakumar, Chairman of Federal Bank (left), and Mr Santanu Mukherjee, Country Manager (South Asia), Visa Consolidated Support Service (India), at a press conference in Kochi on Monday.
KOCHI, June 30 FEDERAL Bank on Monday launched its Federal Bank Visa Electron International Debit Card, enabling its customers a convenient and secure mode of payment, across the world. "The bank will be offering its silver card free to all its customers who will be maintaining a an average balance of Rs 750, and gold card to those who will be maintaining an average balance of Rs 15,000,'' Mr K.P. Padmakumar, Chairman of the bank, said at a press conference here. The debit card will enable customers to withdraw cash at any of the 8,10,000 Visa-enabled ATMs across 150 countries. They can also pay for their purchases at over 12 million retail outlets globally by direct debit to their bank accounts in India. The large clientele of NRI customers would also find the new product quite useful given that they can use the debit card both in India and while abroad. To start with, the bank will enable the 150 ATMs installed across the country to accept the debit card for withdrawal of cash. The card can also be used at any of the 6,000 Visa Plus ATMs of other banks. Thus, the card has the potential to emerge as the electronic purse for customers to make payments, moving away from the use of physical cash, Mr Padmakumar said. Talking on the occasion, Mr Santanu Mukherjee, Country Manager, South Asia, Visa International said: ``Visa is delighted to be associated with Federal Bank which is on the fast track of growth and this offering will be able to provide account holders with global acceptance, security and the versatility of a payment product. It will change the way their customers pay from cash to plastic. The product will also support Federal Bank's various retail initiatives in the coming future.''
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