Capital One set to launch credit cards

No official comments from Capital One on its plans for India.

The US-based financial powerhouse, Capital One Financial Corporation, is planning to enter the fast-growing retail financial sector in India by launching its credit cards.

It is understood that the corporation is undertaking extensive market research in India to tap the galloping popularity of plastic money. Its strategy of extensively using information as a management tool and Indian infotech capabilities can give it a very cost-effective business model in India.

Capital One has appointed a country manager to look into various aspects of launching financial products in the country. The company is understood to have had detailed discussion with Visa and MasterCard for affiliations here. No official comments were forthcoming from Capital One on its plans for India.

Capital One India country manager Pratap Thumboochetty declined to elaborate on its plans in India. The US headquarters also did not respond to queries.

However, Visa International-South Asia deputy country manager Uttam Nayak in a statement said: "Visa shares a long-standing and excellent relationship with Capital One in the US and other markets around the world. Visa is currently in discussions with Capital One, with the aim of extending this strategic relationship to the Indian market and such a tie-up will be beneficial to both Visa and Capital One as well as Indian cardholders."