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Debit cards in circulation fall 15% to 2-year low in October

-BusinessToday.in

Almost 155 million debit cards reportedly went out of the market due to the migration from magnetic strip debit cards to EMV-based debit cards

The number of debit cards in circulation fell 15 per cent on annual basis to 843 million in October as banks moved to migrate to EMV-chip-based cards. The downturn came as the debit cards in India seemed poised to touch the 1-billion mark a year ago, with 998 million cards in circulation in October 2018.

Almost 155 million debit cards went out of the market due to the migration from magnetic strip debit cards to EMV-based debit cards, The Times of India said in a report. The significant decline in number of debit cards was a result of dormant and inactive accounts being weeded out, the daily reported.

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