Service charged levied on customer is illigal First sue the banks for looting common man without his knowledge. All these chor banks should be thrashed publicly.
There are a couple of problems in India-- Most of the establishments accept the cards only beyond a particular value of the transactions. Some are charging 2-3% as service charges on the usage of cards. If these problems are not settled no of card users will not increase. I dont think people will like to additional surcharge on the use of cards.
It will be futile to assume that Visa or Mastercard will just keep quite and wait for their own funeral. They will be even more competitive. After all they are well established and probably recovered their establishment costs. However, with the advent of Paypal, it will be good for the consumer.
This news says the Debit Cards are more safer. Wonder how that is so.
I am doubtful if India Pay card will be successful if it is introduced as debit card only. More and more people will like to go for credit cards rather than debit cards. Debit cards are likely to be used by very conservative people only. People who can manage their finances well and are not inclined to overspend will prefer to go for credit cards. Let the premier bank who is planning to come out with this card keep this in mind.
No merchant will accept these cards since every merchat is looking for the black money and its not possible for them to accumulate the balck money with the cards. So no merchant would encourage the usage of the cards, whether its indian or non-indian
I consider this as an excellent development. Since NCPI is planning only on debit cards, it will motivate the Indians to continue the usual practice of spending their own money and not credit money UNLIKE THE AMERICANS.
Credit card and free money has become an addiction to the Americans. It is the Americans who have introduced and promoted the concept of DEBT based economy and now they are so deep in debt, their economy is going to go down in flames.
My fellow Indians, stay away from these credit cards and only use your debit cards. IndiaPay debit cards should be promoted.
Rediff is right in running this article. They should continue to run articles about the risks of free money in the form of credit cards.
Re: This is an excellent development!!!!
by iota on Dec 14, 2010 07:46 PM
MasterCard, Visa work around the world, IndiaPay will have this Significant disadvantage.
Re: Re: This is an excellent development!!!!
by Uncomparable on Dec 18, 2010 02:15 PM
Asia Pacific will adopt these cards faster in the world due to cheap and profitable transactions. Somebody had to stand against VISA/mastercard, than why not Indians? Not a bad idea. This will boost Indian economy and increase usage of Rupee in international market. Good move by RBI and other banks. As far as its popularity in the world is concerned, it will be widely accepted within a span of 5 years.
