Demonetisation: Debit cards surpass credit cards as primary mode of payment
Monday, March 27, 2017 IST
Demonetisation: Debit cards surpass credit cards as primary mode of payment
New Delhi: Following the withdrawal of Rs 500 and Rs 1,000 banknotes, the utilization of debit cards at dealer foundations have seen a decent surge, surpassing credit cards as essential method of payment, according to a news paper report.
A report in the Times of India said that the use of charge card has hopped to 60 percent after demonetisation.
Use of debit cards issued by little public sector lenders like Oriental Bank of Commerce and Punjab and Sind Bank, has gone up about five circumstances, the TOI announced.
Post demonetisation, many banks have said that the downloads of the banks' Unified Payments Interface, which encourages shared payments on the mobile phones has additionally seen an expansion.
According to the TOI report, open segment banks revealed check card exchanges esteemed at Rs 29,339 crore this year against Rs 19,664 crore worth exchanges recorded by charge cardholders of private banks.
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