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Banks plan rival to Visa, MasterCard

Banks are considering setting up a domestic card payment settlement company, called India Pay, that would rival global payment systems Visa and MasterCard.  At present, all card-based transactions are settled through the global payment network of Visa and MasterCard. The plan, taken up under the aegis of the Indian Banks' Association (IBA), comes amid estimates that payments through cards would increase three-fold over the next five years.  In 2005-06, the total spends at point-of-sale (POS) terminals crossed Rs 55,000 crore. As many as 18 million credit cards and more than 60 ...