SBI Cards is looking to launch a digital credit card, which will enable users to use mobile phones for making payments. The company expects to roll-out the product by next financial year, said Vijay Jasuja, CEO, SBI Card.
The technology, known as host card emulation, will use the near field communication (NFC) to make payments.
The company is looking to acquire about one million new credit card customers this year. At present, the company has a base of 3.75 million customer base. This year, SBI Cards is looking at a growth of close to 25 per cent in the volume of card issuance; with around 30 per cent growth in card spend. Last financial year, the total card spends for the company was Rs 28000 crore.