Yes Bank Ltd. plans enter the credit card market in India by next March, an official from the Mumbai-based bank tells PaymentsSource. However, the rollout could occur sooner.
“Yes, we are looking at launching credit cards very soon, by the end of this financial year,” he says. “The discussions have been going on internally for some time now, and we have been looking at an upswing in the economy for the launch.” The bank’s fiscal year ends March 31.
Yes Bank issues MasterCard-branded debit cards, but the official refused to confirm whether the same brand would be on the issuer’s credit cards. “Let’s just say we are keeping all options open,” he says, indicating the bank may decide to use a different brand, such as Visa.
The credit card launch would coincide with the bank’s plans to expand its branch network by 100 to 250 locations by the end of the year. It currently operates 150 branches.
