ElectraCard Services, a provider of electronic payment services in India, has been awarded the contract for processing of Life Insurance Corporation of India credit cards, by Corporation Bank.
Corporation Bank will issue white label credit cards on behalf of LIC Cards Services, a company owned by Life Insurance Corporation (LIC) of India as per the agreement entered into and the cards will be launched soon.
LIC of India plans to leverage its ready database of 235m 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.
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 provide the entire infrastructure and manpower required for such operations and will manage all relationships with third party service providers that are engaged within this line of processing services, said ElectraCard.
Ramesh Mengawade, CEO of ElectraCard Services, 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. With Corporation Bank we are confident of setting new benchmarks.
