ICICI Bank launches smart cards
17 Oct 2001
Mumbai: ICICI Bank has launched a smart card project in the campuses of the Manipal Academy of Higher Education in Manipal and Mangalore. According to the project, 12,000 students of the campus will be provided with smart cards, which will serve as a customised identity card.
The smart card will store personalised data belonging to the students and will enable them to conduct various transactions like fee payments, payments for photocopying services and Internet access.
The card will also enable the students to make purchases at select establishments and to utilise funds in their deposit accounts by storing value on the card. The spending will be recorded at various smart card terminals and merchants will receive a consolidated payment from the bank.
According to ICICI Bank, such small-value purchases will spur the use of smart cards over credit cards, as transaction costs will be lower.
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