State-run Corporation Bank is considering launching a multi-utility cash card, which can be used as a debit, credit and pre-paid card, in
the current year.
If the initiative fructifies, then Corporation Bank would be the first Indian bank to come out with a one-stop technical solution through a combo card -- a fusion of credit, debit and pre-paid cards.
Though the combo card concept is widely accepted in developed countries,
But there were certain challenges the bank needed to address in terms of infrastructure.
The bank has the infrastructure but the problem is there is no infrastructure at the user-end and they have to create that first. Corporation banks can make the facility available at there ATMs but then there were the ATMs of other banks and Point of Sales. So, this may take some time.
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