 "SBI Cards to launch credit card facility through mobile")
SBI Cards is looking to launch a digital credit card, which will enable users to use mobile phones for making payments. The company expects to roll-out the product by next financial year, said Vijay Jasuja, CEO, SBI Card.
The technology, known as host card emulation, will use the near field communication (NFC) to make payments.
The company is looking to acquire about one million new credit card customers this year. At present, the company has a base of 3.75 million customer base. This year, SBI Cards is looking at a growth of close to 25 per cent in the volume of card issuance; with around 30 per cent growth in card spend. Last financial year, the total card spends for the company was Rs 28000 crore.
This apart, State Bank of India is likely to finalise a replacement for GE Capital, its joint venture partner in SBI Card by September this year, said Jasuja. In 1998, SBI partnered with GE Capital in 1998 for its credit card business through two joint ventures, SBI Cards & Payment Services and GE Capital Business Process Management Services Ltd. The former is the front end of the business focused on marketing and distribution of SBI credit cards and the latter takes care of technology and processing as a captive BPO unit. GE Capital owns 40 per cent in the SBI Cards & Payment Services.