Product Launch-Central Bank of India Gift Card

Product Launch-Central Bank of India

Central Bank of India, Rev and MasterCard to introduce new payment products

Central Bank of India, Rev India and MasterCard have joined forces to roll out a range of payment solutions on the Indian market.

Just prior to Diwali, Central Bank of India, has launched this new product. Diwali in India, is a major festival, and also a time for Gifts.

This product is the first of its kind in India, as it is aimed for Indian Consumers without bank accounts or credit cards.

As the upper-limit of the Card is pre-determined, this Card is a good option to minimize fraudulent transactions too.

I am sure, Central Bank of India, has taken into consideration the KYC/AML Norms, as the target group is Indian Consumers without bank accounts or credit cards.

The Central Bank of India MasterCard Gift Card and the Rev MasterCard Virtual Card, both issued by the Central Bank of India, are the first of this series of products.

The Central Bank of India MasterCard Gift Card provides customers with a gift option that recipients can redeem when making purchases anywhere MasterCard is accepted in India. With the Rev MasterCard Virtual Card, buyers can make purchases online, over the phone or by mail order at any location which accepts MasterCard. Both cards are mainly aimed at Indian consumers without bank accounts or credit cards.

More Details can be obtained at:

https://www.centralbankgiftcard.co.in/en_CBIN_Central_Bank_Of_India_Central_Bank_Of_India_Gift_Card_Advantages.cms

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http://www.centralbankofindia.co.in/Site/press_releases.aspx

Product Launch-A new Series

Today onwards, I am starting a new Post Category--Product Launches
Product launches in ePayments will be highlighted here. 
There will be two main divisions - Product Launch-India, Product Launch-Rest of the World.


The need for this series is because
01) New developments are taking place in the ePayments arena.
02) A ePayment enthusiast will appreciate the availability of information in one place.


The sources for the Posts will be the Media-Traditional and New.
Each post will contain a minimum of two links,  for a broader perspective.  


Finally, each Post will have my comments. 
My comments are my personal view only, and hence reflect my view only.
Please note, I am not recommending any Product/Company. I am only interested in the growth of safe ePayments.

Debit Card Volumes @ POS Terminals

Debit Card Volumes @ POS Terminals

Today’s Post is an occasional view on the growth of Debit Card Volumes @ POS Terminals.

It can be observed that there is a steady growth in the transactions.

As compared to the corresponding period in 2008, there has been a 27% jump in the volumes.

However, the full potential of the Debit Cards has not reached in India.

As I keep mentioning, a concerted marketing effort by all the stakeholders, will do wonders.

Debit Card-Better than Paper Money  

Topic of the Week-Champions League t20 viewership

Topic of the Week-Champions League t20 viewership


Too much of anything is bad, and the best example of this statement, is the current viewership interest in the ongoing Champions League t20          .
As per Media reports, the Spectators presence in the Stadiums is negligible, and the TV ratings are also low. I am wondering who are benefits in this whole show.


I feel only the Champions League t20  organizing committee is the real winner, no one else, including the spectators, crickters, sponsors or the TV Channels.


Too much of cricket is keeping away the spectators. Too much of cricket is tiring the cricket players.  


Think it is time for moderation in Cricket to be brought in. Otherwise, there is danger in spectators losing interest in Cricket itself!!!!!!!!

Nature’s Fury-Karnataka and Andhra Pradesh

Nature’s Fury-Karnataka and Andhra Pradesh

In the last one month, floods have hit many parts of Karnataka and Andhra Pradesh, leading to wide-scale destruction.

Media Houses, NGO’s, Government of Andhra Pradesh and Karnataka, have appealed to the public to donate in cheques/demand drafts or in kind, to aid the relief efforts. And, as usual, the public have responded overwhelmingly.

It is observed that the majority have requested the public to donate through Cheque/Demand Draft.

Government of Andhra Pradesh has also provided a Payment Gateway, for donations through Credit Cards and also provided details for Wire Transfer’s from abroad.

However, no organization has thought of the POS Terminals as a Donation Tool.
http://prashantnepayments.blogspot.com/2009/09/pos-terminals-aid-to-impulse-donations.html

Few Organizations, have had the fore-thought to provide IFSC Details for donations through NEFT.

Eg:- Eenaudu Relief Fund.

Kudos to the Eenadu Team-Members, for this brilliant idea.

As can be seen, only 4 fields are required for a successfully NEFT Transaction

01) Beneficiary Name

02) Beneficiary Account Number

03) Beneficiary Bank Branch Name

04) IFSC of Beneficiary Bank Branch Name

Nothing more, nothing less.

Donations through NEFT are safe, and very cost-effective as compared to donations through Payment Gateway or Cheques.

Cheques have to be sent for collection and the reconcialtion time from collection to realizations is 4-7 working days. And, the burden on the Banking System, in collection on Cheques is also high as compared to NEFT Transactions.

Reconcialtion time for NEFT Transactions is comparatively less, as the NEFT Transaction Voucher contains the requisite information.

And the best part is that the courier charges/postal charges in mailing the Cheque/Demand Draft, is NIL for NEFT Transactions.

Moreover, this is also an opportunity for the donors/public to become aware of the ePayments, and their immense possibilities.

Donor Agencies- Connect to NEFT for ease of processing