Three features to boost Commercial Credit Cards

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Commercial Credit Cards are cards designed for exclusive usage by business establishments.

The market for Commercial Credit Cards is on the increase, with the new age fintech players tying up with issuing banks for issuance of the same.

Commercial Credit Cards are designed for adoption by mom n pop stores, small supermarkets, etc and can be customized to a great extent.

As a #friendofBBPS, the more commercial credit cards become popular, the more the same will be used for BBPS transactions. This is turn will increase the Average BBPS transaction amount, which is around INR1,900/- now.



Three features to boost Commercial Credit Cards

Feature 01) Google pay NFC based feature. Tokenisation of credit cards issued by banks. Fintech companies can look at an API between Google Pay and their partner banks for tokenization from Day 1.

Feature 02) BBPS (Bharat Bill Payment System) on Commercial Credit Cards issuing banks Mobile Banking/Net Banking Portal. This will enable the credit cards users to pay their Utility / BBPS Billers Bills via their commercial credit cards.

Feature 03) Deployment of POS/ePOS terminals at Wholesalers place of business. Wholesalers still play an important role in the various industries. Deployment of POS/ePOS terminals at Wholesalers will encourage their customers to pay for their purchases via Commercial Credit Cards

 

 

 

Reference Articles:

A)     Google Pay tests NFC-based payment feature, rolls out to wider audience @  https://tech.hindustantimes.com/tech/news/google-pay-tests-nfc-based-payment-feature-rolls-out-to-wider-audience-71598685576586.html

B)     For credit card push, banks now turn to start-ups @ https://www.moneycontrol.com/news/business/for-credit-card-push-banks-now-turn-to-startups-5727321.html

 

#finfiction hashtag - Introduction to #finfiction

Articles tagged with #finfiction are futuristic concepts based on existing Financial Products.

Though, these features are ‘imaginary’ at this moment, in the near future, these features partly or fully will be incorporated in the Financial Products.

#finfiction is similar to #SciFiction

Wikepedia definition of #SciFiction: - Science fiction is a genre of speculative fiction that typically deals with imaginative and futuristic concepts such as advanced science and technology, space exploration, time travel, parallel universes, and extraterrestrial life.

 

 

 

 

 

Comments

  1. Vijay SethupathiSeptember 4, 2020 at 3:54 AM

    Thanks for sharing this info, keep posting…
    Varun Sethupathi

    https://www.chennaischoolofbanking.com

    ReplyDelete

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