ElectraCard Services, India's leading electronic payment solutions provider, has been awarded the contract for end to end processing of LIC Credit Cards, by Corporation Bank.
The bank will issue white label credit cards on behalf of LIC Cards Services Limited, a company owned by LIC of India as per agreement entered into and the cards will 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 rollout. It also plans to launch a facility to pay LIC premiums using the credit card.
ElectraCard Services will handle complete processing of the credit cards right from applications, card and accounts, transactions, billing, statements, payments, dispute resolution, and general ledger. ElectraCard Services will 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. ElectraCard Services will provide the entire infrastructure and manpower required for such operations and will manage all relationships with 3rd party service providers that are engaged within this line of processing services.
Expressing his delight on winning this prestigious contract, Mr. Ramesh Mengawade, CEO, ElectraCard Services (P). Ltd. said, "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. Already driving 70% of India's card based e-commerce acquiring on its platform, ElectraCard Services 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."