ElectraCard to process LIC Credit Cards

MUMBAI, INDIA: ElectraCard Services (ECS), a provider in electronic payment solutions, today announced that it has won a contract from Corporation Bank for end-to-end processing of LIC Credit Cards.

The bank would issue white label credit cards on behalf of LIC Cards Services Limited, a company owned by the LIC of India, as per agreement entered into, and the cards would be launched soon.

LIC of India, one of the biggest insurance companies in the world, plans to leverage its ready database of 235 million policyholders to issue these cards in the first phase of roll out. It also plans to launch a facility to pay LIC premiums using the credit card.

ECS would handle complete processing of the credit cards right from applications, card and accounts, transactions, billing, statements, payments, dispute resolution, and general ledger, said a press release.

It would also provide additional services in the form of a 24x7 help line to assist LIC card holders, as well as generate SMS and email alerts.

ECS would provide the entire infrastructure and manpower required for such operations and would manage all relationships with third party service providers that are engaged within this line of processing services.

“We are clearly excited about extending our partnership with Corporation Bank for LIC cards. This will consolidate our position as the largest third party processor for credit card issuing in the country,” said Ramesh Mengawade, CEO, ElectraCard Services (P). Ltd.

He added that they are already driving 70 per cent of India’s card based e-commerce acquiring on its platform and that ECS is well equipped to provide fast and secure transactions to such large volumes seamlessly.

“As third-party processors we have always offered outstanding results to our customers. With Corporation Bank we are confident of setting new benchmarks,” Ramesh added.