Standard Chartered Bank India Pvt. Ltd. has launched a debit card designed for small and midsize business owners in India, the bank announced March 28.
The SME Banking World Debit Card is available to all such business customers having a transactional account with the bank, the release said.
Users of the free MasterCard-branded card may spend up to 500,000 rupees (US$11,242 or 7,928 euros) per day and shop at any of the 30 million merchant locations around the world that accept MasterCard, a bank representative tells PaymentsSource.
Applicants to the SME Banking World Debit Card automatically are enrolled in the bank’s rewards program. Each reward point is worth one rupee, and cardholders may redeem their points as cash credits into the accounts once they have reached a minimum of 500 points, the representative says.
Unauthorized purchases valued at up to 50,000 rupees also are covered under the lost card liability feature for unauthorized transactions initiated seven days before and up to 30 days after the cardholder reports his card lost or stolen, he adds.
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