A new eProduct – Receive funds to your ICICI Bank Visa Debit Card

            If you are holding an ICICI Bank Saving Bank account, you must have received an email from Shri Kusal Roy, regarding the launch of a new eProduct.

            The ICICI Bank Visa Debit Card is all the information the overseas sender requires to remit money to the associated ICICI Bank Visa Debit Card.

The highlights are:

01) Completely cashless transaction.

02)Amount is credited without minutes

03)Works 24*7, as there is no human intervention once the Sender remits the money.

04)NIL charges for the beneficiary, as all the charges are paid by the sender.

The above Product is built around 'Visa Fast Funds’, product.

The following are the Terms and Conditions

01) This service is regulated by the RBI and the following rules apply:

02)Remittance can only be received for purpose of personal maintenance. Business and investment transactions cannot be routed using this service.

03)A single transaction cannot exceed the Indian Rupee equivalent of USD 2,500.

04)Not more than 30 transactions can be received in a calendar year. As an added measure of safety, ICICI Bank will restrict the service to 2 transactions per month per beneficiary.

05)ICICI Bank additionally maintains its own risk and security profiling systems and reserves the right to decline suspicious transactions.

Go ahead and unlock the potential of your power-packed ICICI Bank Visa Debit Card!

The product should attract many takers, as the funds move from the Sender to the Beneficiary very fast and the Beneficiary no additional authentication to withdraw the funds from his/her accounts.

Re-disseminated by Prashant N. Banker by daytime, Blogger by night.

Discover Cards and Diner Club International Cards part of India's RuPay Network.

Today, i.e March 07, 2012 a new chapter in the Indian Payments has begun.

A strategic alliance between Discover Financial Services (DFS) and National Payments Corporation of India (NPCI), has been announced.

The top 11 points about this strategic alliance.

1. At present Diners Club International (DCI) cards are accepted at CitiBank ATM's.

2. Discover cards and Diners Club International (DCI) cards will be accepted at NPCI ATMs and point-of-sale terminals for purchases in India.

3. RuPay (the national card payment network in India) cardholders will be able to utilize the Discover, Diners Club International and PULSE networks for international purchases and cash access outside of India.

4. The companies are also working to implement D-PAS, Discover’s EMV technology, to offer chip-based cards to RuPay cardmembers.

5. The arrangement will be implemented in 3 phases. Phase 1) DFS and DCI cards will be accepted at RuPay ATMs in India. Phase 02 ) DFS and DCI cards will be accepted at RuPay POS locations. Phase 03) Acceptance of RuPay Global Cards on Discover’s global payment network outside of India.

6. The final aim of the network-to-network alliance between DFS and NPCI is the issuance of RuPay Global cards, once the domestic RuPay cards being launched later this month stabilize.

7. Discover, like American Express Co. (AXP), typically issues its own credit cards and operates a payments network that processes transactions.

8. Visa and MasterCard, only process transactions. The higher transaction volume helps boost their revenue.

9. Discover has a smaller acceptance footprint internationally than does American Express, Visa and MasterCard, though it has been working to change that.

10. At present there are 120 million+ DFS and Diners Club cards worldwide and these card holders can enjoy the wide reach of RuPay network in India, of over 90,000 ATM's.

11. In the near future, DFS and DCI cards would also be accepted at over six lakh POS terminals that are linked to the NFS.