China model to promote plastic

A staff REPORTER

Calcutta, May 3: To advance the usage of plastic money, the Modesty Depository Financial Institution of Republic Of India is put to establish an IndiaPay card modelled on the People'S Republic Of China UnionPay card.

“The primary purpose is to advance the usage of card game among people. Making this card people-friendly volition assist us accomplish this. The card will be modelled on its Chinese counterpart, but the exact type (whether it will be a smart card or not) will be decided by the National Payment Council of India,” said R.B. Barman, executive manager director of the Modesty Depository Financial Institution of India.

China introduced its UnionPay card in 2002. It is a domestic recognition card arrangement and its web consists 14 major and many other littler Banks with over 85,000 ATMs. Almost all UnionPay Recognition Card Game are also affiliated with either MasterCard or visa and they can be used abroad as a regular Mastercard or VISA.

In India, the card will be low-cost with low involvement rates and hazard decrease methods. The National Payment Council of Republic Of India is in the procedure of getting registered.