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In India only banks are authorized to issue the credit card, they can only become a member of VISA/MASTERCARD & issue to their respective clients.
It means undertaking a risk or you can say a credit risk for giving a loan on that card or instrument. Many banks are also present in the issuance of ‘affinity’ or ‘co-branded’ credit cards. Also, prepaid cards are the fastest growing segment in today’s scenario for initiation & subsistence of digital transactions and digital payments.
At the ‘mass’ people strategic level, the credit card as well as the loyalty card boom started early in this decade. Hard to believe, but today in this digitized web-based network it is not tough to find a person with four credit cards and another 20 plastics, including club membership, airline and hotel membership and dining discount cards. Barely a decade ago, was it a common threat amongst the masses in India to lose money through misuse of credit card. There was also a mental block against owing money to someone in any capacity.
Banks can issue credit cards either through its own wing or a subsidiary company set for this purpose. Herein RBI approval is not mandatory to issue such; it can even happen by a board approval amongst the members.
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