Following the example of the China UnionPay card, the Reserve Bank of India too is planning to introduce an IndiaPay credit card during the second half of 2009. RB Barman, who is the RBI executive director, recently remarked that India which is inspired by the success of China UnionPay card will soon introduce a similar arrangement in order to encourage the use of plastic money among its people. RB Barman added that the credit card will be especially created keeping in mind the common people and will have low interest rates and risk reduction facilities.

 

The RBI executive director informed that the National Payment Council of India (NPCI) is presently planning the registration process of the card. He also said that the NPCI will decide the nature of the card as to whether it will be a smart card or something else. The China UnionPay card that was launched in 2002, gives its users access to more than 85,000 ATM counters of 14 vital and other smaller banks across the globe. Apart from this, China UnionPay card can also work as the standard MasterCard or Visa credit cards abroad.