According to a top official of Corporation Bank, a state owned lender is planning to launch a multi-utility cash card which will make using card convenient as this card can be used as a debit, credit and pre-paid card. The official said, if every thing works according to the plan then Corporation Bank will the first Indian bank to take such initiative having one-stop technical solution through a combo card – a combination of three cards – credit, debit and pre-paid all in one card.
Corporation Bank's General Manager B R Bhat speaking on the sidelines of a Venture Infotek's event on future of pre-paid cards in India, "We are planning to launch the combo card this year. However, we are still fine-tuning our plans. There is this proposal and we will launch a pilot program first ... may be in Mumbai in the next six months."
Bhat said in developed countries the combo card is widely being used but in India it will take time to accept the combo card concept and its benefits.
He added to launch a new product there are certain challenges which need to be addressed like relating to infrastructure thus it will take sometime.
He said, "The bank has the infrastructure but the problem is there is no infrastructure at the user-end and we have to create that first. We can make the facility available at our ATMs but then there were the ATMs of other banks and Point of Sales. So, this may take some time".