Breaking the oligopoly of Master/Visa credit cards


vCard is a digital credit card incorporating multiple tech innovations. Post 8/11 (demonetisation), the Fintech revolution within the country gained speed as Digital Payments and Digital disposition were seeing the best Goldilock’s conditions of restrictive, client and market innovations. However, one business on the cusp of disposition and Payment – i.e. the Credit Cards – was still languishing with five-hitter penetration and no significant digital innovations within the past thirty years. The market of Master-Visa settled all banks – huge and little – on however they operated credit cards. This market unskillfulness was the chance for vCard – to interrupt the Master-Visa construct and initiate the whole Business Model, says Hyderabad-based vCard founder and CEO Vishal Ranjan.

vC Market potential

According to Ranjan, these credit cards cater to thirty million salaried staff whereas there are 900 million revolving credit users in India (<5% penetration). There are over 450 million PAN card numbers with some credit history as per Bureau statistics. All the incumbent plastic cards still cater to an equivalent thirty million super-prime client segments, because of bequest business models, underwriting ways, and big-ticket prices of operations.

It’s mistreatment UPI, which is claimed to possess a bigger acceptance for each P2P and P2M payments.

Sharing the journey of vCard, Ranjan told metal on-line that it took 2 years to sew relevant partnerships, build the required technology stack and find the business risk and technical approval from RBL Bank. The merchandise was formally launched on Gregorian calendar month a pair of, 2019, on the one hundred and fiftieth birthday of the spiritual leader.

vCard vs Plastic Credit Card: distinction

vCard could be a Mobile MasterCard with thirty days reimbursement amount, that one uses for the complete Monthly bill (from Rs. twenty Grocery/ Rs. two hundred fuel/ Rs. 2000 e-commerce and Rs.20000 faculty fees payment). The vCard MasterCard is way a lot versatile in usage, relevant in client gratification, and considerably art movement as compared to Plastic Credit Cards.

Digital credit cards are also subject to hacking and alternative on-line frauds. However vCard addresses security concerns?

According to Ranjan, digital cards are safer than plastic credit cards as there’s no probability of physical card stealing. there’s no card knowledge on the device and therefore the mobile acts as the associate authentication device.

Further, the OTP and device data is fastened to the physical device and thus a hacker with a ‘cloned’ mobile range cannot use the MasterCard. to boot, vCard undergoes multiple periodic security and safe audits to keep up ‘MasterCard/Visa’ equivalent security measures.

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