South Indian Bank ties up with Visa to launch debit card

Entering into a strategic alliance with Visa, the world's largest retail payment network, the Kerala-based private South Indian Bank (SIB) today launched the 'SIB Visa International Debit-cum-Shopping Card'.

There are plans to launch about 4 lakh cards initially, the bank's Managing Director and CEO, Dr V A Joseph, said here. Plans to launch pre-paid cards were also on the anvil, he said, adding this would be a boon for overseas travellers.

SIB customers can access 1.7 millon ATM otulets around the world, shop at various Visa authorised merchant outlets and avail all the benefits of Visa Debit cards, he said. Customers can also use their cards for bill payments, at restaurants, tax payments, charitable contributions or online shopping, ticket booking or bill payments.
     
SIB has presently 611 branches and there are plans to add 30 more in the coming three months.
 
Of the bank's 30 lakh customers, about 15 lakh are ATM card holders, he said.
  
Uttam Nayak, Group Country Manager India and South Asia, said this was their first partnership with the SIB. Through the debit card, the bank customers can avail of various benefits that they had not experienced before.