IndiaPay: India’s answer to Visa and MasterCard

According to a press release from Indian Banks’ Association (IBA), a business plan is currently being made ready to launch a national card payment settlement company. According to figures released by Reserve Bank of India (RBI) on January 16 2008 (till Nov 2007) India has about 2.5 crore credit cards with transactions reaching Rs.36,661 crores.

IndiaPay hopes to bring down the transaction cost incurred by Indian banks paid as fees to Visa and MasterCard for every transaction made using existing credit cards. This plan is expected to be ready within the next couple of months.

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