Financial institutions offering their own debit card scheme require significant technical, infrastructure, human resource, and financial investment.
They must first go through the process of joining a scheme provider, such as MasterCard, to establish their card’s point of sale functionality. Then, they must technically interface their back office systems to the scheme via a card transaction payment processor, such as First Data. Additionally, they need to acquire or build a card management and settlement system, a massive technical and operational undertaking.
To support the ongoing operation, at least one call centre must be established, with a Payment Card Industry (PCI) compliant physical and IT environment. Staff must be trained, and a critical mass hired so as to offer 24 x 7 x 365 support.
Last but not least, financial institutions are required to deposit signi cant guarantees with the scheme provider, all of this before their first customer has applied for a card.