Law Day _ 05.01.2020 (5)

Visa Launches EMI Platform for Debit Cards


If we consider the payment network, then the visa is the largest network platform than visa comes in the first place. And in recent time they have introduced EMI facility for the cardholder of any bank. With this facility, one can purchase the product online or from most of the e-commerce site on EMI.

As per the visa’s head of product for south Asia and India Mr. Arvind Ronta, there are 93 crore debit cards against 4.5 crore credit card in the country. And out of all 22 crore debit cardholder and 2 crore credit cardholder are eligible for loan or credit facilities. By a factor of 10, the number of creditworthy increased in the country.

On the debit card purchase, banks and e-commerce sites both provide EMI facilities but it depends on the tie-up between bank and business owner. Visa works as a platform between bank and merchants who sign up for the service. By this way, the consumer can access all the merchants providing the EMI facilities.

In the same way, to all those merchants who provide these facilities have to sign in to the platform via a simple API – application programming interface integration. And for the first time, this type of facility provided by the payment network company.

The banks will do the credit confirmation, they check the records of account holders and determine the eligibility and tenure of credit for the cardholder.  All these happen within no time, and the customer gets the hassle-free and smooth experience while making an online purchase. Except for payment bank cardholders and customers, this facility is available for all debit card holders. It is forbidden from providing overdraft or credit facilities.

EMI of the debit card increases the bank’s retail lending portfolio without using any additional distribution resources. At present, the offline companies and payment aggregators like Pine labs and Innovity give facilities to the shopkeepers to enroll the EMI facility. Even the giant e-commerce platform like Amazon and Flipkart also provides this service but on the selected bank with whom they tied up.

In India, there are a total of 75 issuers, and for a merchant, it is hard to integrate all of them. And on another hand for the issuer, it is hard to get all the 100 best e-commerce sites of India. But VISA is enabling the platform for all the issuer who want to participate in it. They are enabling and bringing consistency experience and remove all the complicated steps of the process.

So it is all about the information related to the EMI for the debit card holder by visa. We hope you get the basic idea about the information you are looking for. In case of any other questions, you can ask the experts using the comment section below. Thank you!

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