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Visa to issue debit card via five more India banks

International payments system Visa International said on Thursday it will shortly tie up with the Indian units of BNP Paribas, HSBC, Standard Chartered Bank and domestic private sector UTI Bank to issue electron or debit cards.

Visa said it had issued 500,000 electron cards in India during the past 18 months through the only two banks in the country with which it has tie-ups, private sector HDFC Bank and ICICI Bank.

Electron cards allow holders to pay for purchases by directly debiting their bank account.

The value of purchases therefore cannot exceed the amount in the account, unlike credit cards, which carry independent limits.

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