Recently, Corporation Bank announced to launch multi-utility cash card. The card can be used as a debit, credit and pre-paid card. The news came in light recently by a top official of Corporation Bank.

According to the statement, “Corporation Bank would be the first Indian bank to come out with a one-stop technical solution through a combo card — a fusion of credit, debit and pre-paid cards.” The statement was published in Economic Times online news paper.

Further ET includes one more statement that was said by B R Bhat Corporation Bank’s General Manager, “We are planning to launch the combo card this year. However, we are still fine-tuning our plans. There is this proposal and we will launch a pilot programme first … may be in Mumbai in the next six months. Though the combo card concept is widely accepted in developed countries, India is yet to witness its benefits by which a person can use a single card as a debit, credit, and pre-paid card. The bank has the infrastructure but the problem is there is no infrastructure at the user-end and we have to create that first. We can make the facility available at our ATMs but then there were the ATMs of other banks and Point of Sales. So, this may take some time.”

As per the statement, benefits of the combo card are possible in developed country. However, concept of multi-utility cards by Corporation Bank for Indian users would be possible in coming future.

Corporation Bank talks about problem of infrastructures also for uses of multi-utility cards. I think that if the card launches recently in India then it would be available on Corporation Bank’s ATMs only because of infrastructure problem.

Multi-utility cards of Corporation Bank will be surly a new technology for Indian users. The combo card is very unique just like mShop card.