Indusind And Hsbc In Pact For Global Credit Card

IndusInd Bank has signed a memorandum of understanding with the Hongkong and Shanghai Banking Corporation (HSBC) for the issuance of global credit cards for its customers. HSBC would be providing all the back end work for the credit card holders. This global card has been launched under the MasterCard franchise.

IndusInd Bank would be initially launching this facility to its customers in nine cities which include Mumbai, New Delhi, Calcutta, Chennai, Bangalore, Hyderabad, Trivandrum, Vishakhapatnam and Gurgaon. Incidentally, these are the cities in which HSBC has established branches. This offering would be extended to other cities subsequently.

HSBC would be supporting the card programme by providing card issuance, credit and collections. All these services would be facilitated by HSBC's state-of-the-art back office processing centre in Mumbai. IndusInd Bank would, however, be involved in marketing and distribution of the product.

 

The credit card, which will be available in both the classic and gold standard, will be accepted at over 1.7 crore merchant establishments worldwide. Cardholders can enjoy all the benefits that are offered to HSBC's credit card customers. This would also include a bonus point rewards programme, access to HSBC and MasterCard's automated teller machine network worldwide and insurance and travel benefits.

K R Maheshwari, managing director and chief executive officer, IndusInd Bank said, "This credit card will help us gain a competitive edge by allowing us to offer a full range of products and services to our retail customers."

Zarir J Cama, chief executive officer of HSBC in India, said, "We welcome this opportunity to work with IndusInd Bank to extend our global credit card service to their customers throughout India."

IndusInd Bank would be looking forward to leverage HSBC's strong processing abilities along with MasterCard International's wide global acceptance network.