Bartercard said it would commence India operations early in 2008 and the licence for the country has been already sold.

“Deposits have already been taken for both India and South Africa with both expected to commence operations early in 2008,” Bartercard executive chairman Wayne Sharpe said in a statement.

According to Bartercard, India is the largest market yet to be entered by the group that is already present across 12 countries.

Unlike credit or debit cards, Bartercard needs to be recharged with customers’ own goods and services, and not cash.

But barring the involvement of cash, a Bartercard transaction is similar to those through a credit or debit card.

Members receive a plastic card and an interest-free line of credit. Trade points (in terms of the currency) are credited to member’s account upon the sale of goods and services through the exchange.

Members use their Bartercard transaction card to spend their credit balance or draw on interest-free line of credit, on goods and services from any other member.

Bartercard is the world’s largest barter exchange and provides business opportunities for companies who barter their goods and services.

In March this year, Bartercard had announced the sale of India licence to entrepreneurs Rakesh Thapar and Ashoka Bhanwarlal Motha. The recruitment of the management team as well as training of personnel in Australia and India is believed to have already begun for its India operations.

While announcing the sale of India licence in March, Sharpe had said, “India is a huge market with great potential and we are delighted to have made this licence sale.”

Bartercard enables member businesses to exchange goods and services with other member businesses while saving cash and without having to engage in a direct swap of goods.