HDFC Bank devises new card strategy
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MUMBAI: A surge in the use of cards in e-commerce and m-commerce has made HDFC Bank expand its card strategy. The Bank will soon launch a payment system for small merchants to accept card payments without swipe machines, besides a new category of virtual credit cards.
HDFC Bank is a market leader in the credit card business, accounting for more than half of the amount outstanding under various credit card accounts.
"Over 40% of bank's card transactions are on the e-commerce platform as against 25% a year earlier. With e-commerce growing at 50-60%, we expect the number of people using their cards online to grow," said Parag Rao, senior executive vice-president, who heads the bank's cards and merchant acquiring business.
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