DBS partners with VISA to launch the VISA Infinite Debit Card
-- DBS brings unlimited possibilities to the lives of Indian consumers --
08-08-13: In a market of more than 102 crore debit cards, DBS Bank has launched the DBS VISA Infinite debit card for consumers who wish no limits to their dreams. The DBS VISA Infinite card introduces multiple benefits for the consumer such as 10% cash back on all spends, 7.5% cash back on fuel purchases and higher spending limits on the cards.
The launch of the card comes on the back of an ASSOCHAM study in February which has predicted that in the next three years debit card customer numbers are expected to swell by 54 crore. Given that the all-India figures, according to the Reserve Bank of India, for debit cards issued by nationalised banks currently stand at 102.67 crores, the next three years look to see a significant increase of ~50%.
Commenting on the launch, Mr.SanjivBhasin, General Manager & Chief Executive Officer, DBS Bank (India) said, “The India market shows great potential and we wish to be part of that growth story, encouraging the achievement of dreams. With the total number of debit cards in India having risen to 102.67 crore according to the last RBI report and the growth of the debit card industry being pegged at aCAGR of 18%, we thought this was the right time to introduce the VISA Infinite card”.
“The India that we see today has several aspirations and is rapidly changing. With FDI opening up in multi-brand retail and relaxation of several foreign investment policies, we see this as an extremely exciting time for us to be in India, and we feel that Indians deserve the best of everything. Thus the DBS VISA Infinite debit card.”, was what Mr. Rahul Johri, Executive Director and Head – Consumer Banking Group had to say at the launch, adding “Plastic money may still not have spread out to the masses, but the convenience that it brings to life is what convinced us that we were ready to launch such a product”.
The DBS VISA Infinite debit card provides the customer with luxuries such as USD 1 million of travel accident insurance, 10% cash back on all spends, a dedicated concierge service, and at a point of time when fuel is a greater investment by far than a vehicle, 7.5% cash back on fuel.
It is for customer-centric initiatives and thoughtful banking that DBS was recently awarded the accolade of Best Managed Bank in Asia Pacific by The Asian Banker as well as ranked No. 1 among the Top-150 ASEAN banks.
DBS - Living, Breathing Asia
DBS is a leading financial services group in Asia, with over 200 branches across 15 markets. Headquartered and listed in Singapore, DBS is a market leader in Singapore with over four million customers and also has a growing presence in the three key Asian axes of growth, namely, Greater China, Southeast Asia and South Asia. The bank's strong capital position, as well as "AA-" and "Aa1" credit ratings that are among the highest in the Asia-Pacific region, earned it Global Finance's "Safest Bank in Asia" accolade for four consecutive years, from 2009 to 2012.
DBS provides the full range of services in consumer, SME and corporate banking activities across Asia and the Middle East. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. This market insight and regional connectivity have helped to drive the bank’s growth as it sets out to be the Asian bank of choice. The bank believes that building lasting relationships with its customers is an integral part of banking the Asian way.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 18,000 staff, representing over 30 nationalities. For more information, please visit www.dbs.com.
About DBS Bank India
DBS Bank India is a branch of DBS Bank Ltd, which is in turn a subsidiary of DBS Group Holdings Ltd, one of the largest financial services groups in Asia. DBS opened its first branch in Mumbai in 1995. Since opening its second branch in New Delhi in 2005, DBS India has rapidly expanded its franchise. In the last 5 years, DBS India has grown its customer base by about 20 times, and increased its staff strength to over 800.
DBS India has also expanded its footprint across the country operating out of 12 cities through branches and ATM centres. DBS India’s franchise is made up of wealth management, institutional banking, cash management and treasury and markets. The bank intends to continue growing its business and footprint in India. For more information, please visit www.dbs.bank.in.