Page 37 - Banking Finance October 2020

ARTICLE

DEBIT-CUM-

CREDIT CARD:

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I n banking industry we have experienced three kinds another chip that functions like a credit card. Both these

of cards. Debit cards, Credit cards and Pre-paid cards.
chips are placed on the two opposite ends of the card.
Now some banks have come up with fourth kind in its
category which will reduce the weight of your wallet.
Apart from two chips on the face of the card, there are two
magnetic stripes on the back of the card. Depending on the
Union Bank of India and IndusInd Bank have come up with mode of transaction (debit or credit) customer just need to
a new innovative type of card that is combination of the two present that particular side at point of sale (POS) system to
cards into one. Union Bank of India named its card 'Combo' swipe or dip.
and launched on it's centenary year in November 2018 and
IndusInd Bank had launched it's Card just one month ago in Union Bank's Rupay Combo Debit Cum
October 2018, called 'Duo'.
Credit Card
These dual cards look similar to regular debit or Credit Cards
but they have been modified with technology. It has two
chips on the face of the card; one chip that functions as a
debit card (and linked to your savings bank account) and

About the author

Amit Bhadani
Senior Manager (Faculty)
Union Bank of India
STC Kolkata

BANKING FINANCE | OCTOBER | 2020 | 37