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Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 73
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
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<link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f20d08208b8-trace').style.display = (document.getElementById('cakeErr67f20d08208b8-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr67f20d08208b8-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f20d08208b8-code').style.display = (document.getElementById('cakeErr67f20d08208b8-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f20d08208b8-context').style.display = (document.getElementById('cakeErr67f20d08208b8-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr67f20d08208b8-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700"><</span><span style="color: #0000BB">head</span><span style="color: #007700">>
</span></span></code>
<span class="code-highlight"><code><span style="color: #000000"> <link rel="canonical" href="<span style="color: #0000BB"><?php </span><span style="color: #007700">echo </span><span style="color: #0000BB">Configure</span><span style="color: #007700">::</span><span style="color: #0000BB">read</span><span style="color: #007700">(</span><span style="color: #DD0000">'SITE_URL'</span><span style="color: #007700">); </span><span style="color: #0000BB">?><?php </span><span style="color: #007700">echo </span><span style="color: #0000BB">$urlPrefix</span><span style="color: #007700">;</span><span style="color: #0000BB">?><?php </span><span style="color: #007700">echo </span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-></span><span style="color: #0000BB">category</span><span style="color: #007700">-></span><span style="color: #0000BB">slug</span><span style="color: #007700">; </span><span style="color: #0000BB">?></span>/<span style="color: #0000BB"><?php </span><span style="color: #007700">echo </span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-></span><span style="color: #0000BB">seo_url</span><span style="color: #007700">; </span><span style="color: #0000BB">?></span>.html"/>
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<code><span style="color: #000000"><span style="color: #0000BB"> </span><span style="color: #007700"><</span><span style="color: #0000BB">meta http</span><span style="color: #007700">-</span><span style="color: #0000BB">equiv</span><span style="color: #007700">=</span><span style="color: #DD0000">"Content-Type" </span><span style="color: #0000BB">content</span><span style="color: #007700">=</span><span style="color: #DD0000">"text/html; charset=utf-8"</span><span style="color: #007700">/>
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<em>MUMBAI: </em>Debit cards have conclusively displaced credit cards as the primary mode of payment in the country following demonetisation. Until October last year, despite outnumbering credit cards by a factor of more than 25, debit cards accounted for only 42% of the total card spend. This has jumped to 60% after demonetisation, which was announced on November 8, 2016.<br />
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<br />
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<em>MUMBAI: </em>Debit cards have conclusively displaced credit cards as the primary mode of payment in the country following demonetisation. Until October last year, despite outnumbering credit cards by a factor of more than 25, debit cards accounted for only 42% of the total card spend. This has jumped to 60% after demonetisation, which was announced on November 8, 2016.<br />
<br />
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<br />
Last October, public sector banks saw transactions worth Rs 10,893 crore from the 61.7 crore debit cards they had issued till then. As against this, private and foreign banks had reported transactions worth Rs 11,048 crore although their debit card base was much smaller at 12.25 crore. This has changed after demonetisation. <br />
<br />
Please <a href="http://timesofindia.indiatimes.com/business/india-business/note-ban-effect-debit-cards-preferred-over-credit-cards-account-for-60-of-card-spend/articleshow/57845483.cms">click here</a> to read more. <br />
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Cake\View\View::_evaluate() - CORE/src/View/View.php, line 1413
Cake\View\View::_render() - CORE/src/View/View.php, line 1374
Cake\View\View::renderLayout() - CORE/src/View/View.php, line 927
Cake\View\View::render() - CORE/src/View/View.php, line 885
Cake\Controller\Controller::render() - CORE/src/Controller/Controller.php, line 791
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 126
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51</pre></div></pre>latest-news-updates/note-ban-effect-debit-cards-preferred-over-credit-cards-account-for-60-of-card-spend-mayur-shetty-4681462.html"/>
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-The Times of India
MUMBAI: Debit cards have conclusively displaced credit cards as the primary mode of payment in the country following demonetisation. Until October last year, despite outnumbering credit cards by a factor of more than 25, debit cards accounted..."/>
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<strong>Note ban effect: Debit cards preferred over credit cards, account for 60% of card spend -Mayur Shetty</strong></h1>
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<div align="justify">-The Times of India<br /><br /><em>MUMBAI: </em>Debit cards have conclusively displaced credit cards as the primary mode of payment in the country following demonetisation. Until October last year, despite outnumbering credit cards by a factor of more than 25, debit cards accounted for only 42% of the total card spend. This has jumped to 60% after demonetisation, which was announced on November 8, 2016.<br /><br />The change is largely driven by small public sector lenders like Oriental Bank of Commerce and Punjab & Sind Bank, where usage of cards has gone up nearly five times. Debit card transactions tripled—from October 2016 levels—in December. Transactions in January slipped to double those in October last year. However, according to payments companies, they are seeing stickiness in use of debit cards for utility and petrol bill payments and travel bookings.<br /><br />Last October, public sector banks saw transactions worth Rs 10,893 crore from the 61.7 crore debit cards they had issued till then. As against this, private and foreign banks had reported transactions worth Rs 11,048 crore although their debit card base was much smaller at 12.25 crore. This has changed after demonetisation. <br /><br />Please <a href="http://timesofindia.indiatimes.com/business/india-business/note-ban-effect-debit-cards-preferred-over-credit-cards-account-for-60-of-card-spend/articleshow/57845483.cms" title="http://timesofindia.indiatimes.com/business/india-business/note-ban-effect-debit-cards-preferred-over-credit-cards-account-for-60-of-card-spend/articleshow/57845483.cms">click here</a> to read more. <br /></div> </font>
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<link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f20d08208b8-trace').style.display = (document.getElementById('cakeErr67f20d08208b8-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr67f20d08208b8-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f20d08208b8-code').style.display = (document.getElementById('cakeErr67f20d08208b8-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f20d08208b8-context').style.display = (document.getElementById('cakeErr67f20d08208b8-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr67f20d08208b8-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700"><</span><span style="color: #0000BB">head</span><span style="color: #007700">>
</span></span></code>
<span class="code-highlight"><code><span style="color: #000000"> <link rel="canonical" href="<span style="color: #0000BB"><?php </span><span style="color: #007700">echo </span><span style="color: #0000BB">Configure</span><span style="color: #007700">::</span><span style="color: #0000BB">read</span><span style="color: #007700">(</span><span style="color: #DD0000">'SITE_URL'</span><span style="color: #007700">); </span><span style="color: #0000BB">?><?php </span><span style="color: #007700">echo </span><span style="color: #0000BB">$urlPrefix</span><span style="color: #007700">;</span><span style="color: #0000BB">?><?php </span><span style="color: #007700">echo </span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-></span><span style="color: #0000BB">category</span><span style="color: #007700">-></span><span style="color: #0000BB">slug</span><span style="color: #007700">; </span><span style="color: #0000BB">?></span>/<span style="color: #0000BB"><?php </span><span style="color: #007700">echo </span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-></span><span style="color: #0000BB">seo_url</span><span style="color: #007700">; </span><span style="color: #0000BB">?></span>.html"/>
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<code><span style="color: #000000"><span style="color: #0000BB"> </span><span style="color: #007700"><</span><span style="color: #0000BB">meta http</span><span style="color: #007700">-</span><span style="color: #0000BB">equiv</span><span style="color: #007700">=</span><span style="color: #DD0000">"Content-Type" </span><span style="color: #0000BB">content</span><span style="color: #007700">=</span><span style="color: #DD0000">"text/html; charset=utf-8"</span><span style="color: #007700">/>
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-The Times of India<br />
<br />
<em>MUMBAI: </em>Debit cards have conclusively displaced credit cards as the primary mode of payment in the country following demonetisation. Until October last year, despite outnumbering credit cards by a factor of more than 25, debit cards accounted for only 42% of the total card spend. This has jumped to 60% after demonetisation, which was announced on November 8, 2016.<br />
<br />
The change is largely driven by small public sector lenders like Oriental Bank of Commerce and Punjab &amp; Sind Bank, where usage of cards has gone up nearly five times. Debit card transactions tripled&mdash;from October 2016 levels&mdash;in December. Transactions in January slipped to double those in October last year. However, according to payments companies, they are seeing stickiness in use of debit cards for utility and petrol bill payments and travel bookings.<br />
<br />
Last October, public sector banks saw transactions worth Rs 10,893 crore from the 61.7 crore debit cards they had issued till then. As against this, private and foreign banks had reported transactions worth Rs 11,048 crore although their debit card base was much smaller at 12.25 crore. This has changed after demonetisation. <br />
<br />
Please <a href="http://timesofindia.indiatimes.com/business/india-business/note-ban-effect-debit-cards-preferred-over-credit-cards-account-for-60-of-card-spend/articleshow/57845483.cms">click here</a> to read more. <br />
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MUMBAI: Debit cards have conclusively displaced credit cards as the primary mode of payment in the country following demonetisation. Until October last year, despite outnumbering credit cards by a factor of more than 25, debit cards accounted...',
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-The Times of India<br />
<br />
<em>MUMBAI: </em>Debit cards have conclusively displaced credit cards as the primary mode of payment in the country following demonetisation. Until October last year, despite outnumbering credit cards by a factor of more than 25, debit cards accounted for only 42% of the total card spend. This has jumped to 60% after demonetisation, which was announced on November 8, 2016.<br />
<br />
The change is largely driven by small public sector lenders like Oriental Bank of Commerce and Punjab &amp; Sind Bank, where usage of cards has gone up nearly five times. Debit card transactions tripled&mdash;from October 2016 levels&mdash;in December. Transactions in January slipped to double those in October last year. However, according to payments companies, they are seeing stickiness in use of debit cards for utility and petrol bill payments and travel bookings.<br />
<br />
Last October, public sector banks saw transactions worth Rs 10,893 crore from the 61.7 crore debit cards they had issued till then. As against this, private and foreign banks had reported transactions worth Rs 11,048 crore although their debit card base was much smaller at 12.25 crore. This has changed after demonetisation. <br />
<br />
Please <a href="http://timesofindia.indiatimes.com/business/india-business/note-ban-effect-debit-cards-preferred-over-credit-cards-account-for-60-of-card-spend/articleshow/57845483.cms">click here</a> to read more. <br />
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MUMBAI: Debit cards have conclusively displaced credit cards as the primary mode of payment in the country following demonetisation. Until October last year, despite outnumbering credit cards by a factor of more than 25, debit cards accounted...'
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$adminprix = 'admin'</pre><pre class="stack-trace">include - APP/Template/Layout/printlayout.ctp, line 8
Cake\View\View::_evaluate() - CORE/src/View/View.php, line 1413
Cake\View\View::_render() - CORE/src/View/View.php, line 1374
Cake\View\View::renderLayout() - CORE/src/View/View.php, line 927
Cake\View\View::render() - CORE/src/View/View.php, line 885
Cake\Controller\Controller::render() - CORE/src/Controller/Controller.php, line 791
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 126
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51</pre></div></pre>latest-news-updates/note-ban-effect-debit-cards-preferred-over-credit-cards-account-for-60-of-card-spend-mayur-shetty-4681462.html"/>
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-The Times of India
MUMBAI: Debit cards have conclusively displaced credit cards as the primary mode of payment in the country following demonetisation. Until October last year, despite outnumbering credit cards by a factor of more than 25, debit cards accounted..."/>
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<strong>Note ban effect: Debit cards preferred over credit cards, account for 60% of card spend -Mayur Shetty</strong></h1>
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<div align="justify">-The Times of India<br /><br /><em>MUMBAI: </em>Debit cards have conclusively displaced credit cards as the primary mode of payment in the country following demonetisation. Until October last year, despite outnumbering credit cards by a factor of more than 25, debit cards accounted for only 42% of the total card spend. This has jumped to 60% after demonetisation, which was announced on November 8, 2016.<br /><br />The change is largely driven by small public sector lenders like Oriental Bank of Commerce and Punjab & Sind Bank, where usage of cards has gone up nearly five times. Debit card transactions tripled—from October 2016 levels—in December. Transactions in January slipped to double those in October last year. However, according to payments companies, they are seeing stickiness in use of debit cards for utility and petrol bill payments and travel bookings.<br /><br />Last October, public sector banks saw transactions worth Rs 10,893 crore from the 61.7 crore debit cards they had issued till then. As against this, private and foreign banks had reported transactions worth Rs 11,048 crore although their debit card base was much smaller at 12.25 crore. This has changed after demonetisation. <br /><br />Please <a href="http://timesofindia.indiatimes.com/business/india-business/note-ban-effect-debit-cards-preferred-over-credit-cards-account-for-60-of-card-spend/articleshow/57845483.cms" title="http://timesofindia.indiatimes.com/business/india-business/note-ban-effect-debit-cards-preferred-over-credit-cards-account-for-60-of-card-spend/articleshow/57845483.cms">click here</a> to read more. <br /></div> </font>
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<link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f20d08208b8-trace').style.display = (document.getElementById('cakeErr67f20d08208b8-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr67f20d08208b8-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f20d08208b8-code').style.display = (document.getElementById('cakeErr67f20d08208b8-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f20d08208b8-context').style.display = (document.getElementById('cakeErr67f20d08208b8-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr67f20d08208b8-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700"><</span><span style="color: #0000BB">head</span><span style="color: #007700">>
</span></span></code>
<span class="code-highlight"><code><span style="color: #000000"> <link rel="canonical" href="<span style="color: #0000BB"><?php </span><span style="color: #007700">echo </span><span style="color: #0000BB">Configure</span><span style="color: #007700">::</span><span style="color: #0000BB">read</span><span style="color: #007700">(</span><span style="color: #DD0000">'SITE_URL'</span><span style="color: #007700">); </span><span style="color: #0000BB">?><?php </span><span style="color: #007700">echo </span><span style="color: #0000BB">$urlPrefix</span><span style="color: #007700">;</span><span style="color: #0000BB">?><?php </span><span style="color: #007700">echo </span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-></span><span style="color: #0000BB">category</span><span style="color: #007700">-></span><span style="color: #0000BB">slug</span><span style="color: #007700">; </span><span style="color: #0000BB">?></span>/<span style="color: #0000BB"><?php </span><span style="color: #007700">echo </span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-></span><span style="color: #0000BB">seo_url</span><span style="color: #007700">; </span><span style="color: #0000BB">?></span>.html"/>
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</span></span></code></pre><pre id="cakeErr67f20d08208b8-context" class="cake-context" style="display: none;">$viewFile = '/home/brlfuser/public_html/src/Template/Layout/printlayout.ctp'
$dataForView = [
'article_current' => object(App\Model\Entity\Article) {
'id' => (int) 33371,
'title' => 'Note ban effect: Debit cards preferred over credit cards, account for 60% of card spend -Mayur Shetty',
'subheading' => '',
'description' => '<div align="justify">
-The Times of India<br />
<br />
<em>MUMBAI: </em>Debit cards have conclusively displaced credit cards as the primary mode of payment in the country following demonetisation. Until October last year, despite outnumbering credit cards by a factor of more than 25, debit cards accounted for only 42% of the total card spend. This has jumped to 60% after demonetisation, which was announced on November 8, 2016.<br />
<br />
The change is largely driven by small public sector lenders like Oriental Bank of Commerce and Punjab &amp; Sind Bank, where usage of cards has gone up nearly five times. Debit card transactions tripled&mdash;from October 2016 levels&mdash;in December. Transactions in January slipped to double those in October last year. However, according to payments companies, they are seeing stickiness in use of debit cards for utility and petrol bill payments and travel bookings.<br />
<br />
Last October, public sector banks saw transactions worth Rs 10,893 crore from the 61.7 crore debit cards they had issued till then. As against this, private and foreign banks had reported transactions worth Rs 11,048 crore although their debit card base was much smaller at 12.25 crore. This has changed after demonetisation. <br />
<br />
Please <a href="http://timesofindia.indiatimes.com/business/india-business/note-ban-effect-debit-cards-preferred-over-credit-cards-account-for-60-of-card-spend/articleshow/57845483.cms">click here</a> to read more. <br />
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<div align="justify">-The Times of India<br /><br /><em>MUMBAI: </em>Debit cards have conclusively displaced credit cards as the primary mode of payment in the country following demonetisation. Until October last year, despite outnumbering credit cards by a factor of more than 25, debit cards accounted for only 42% of the total card spend. This has jumped to 60% after demonetisation, which was announced on November 8, 2016.<br /><br />The change is largely driven by small public sector lenders like Oriental Bank of Commerce and Punjab & Sind Bank, where usage of cards has gone up nearly five times. Debit card transactions tripled—from October 2016 levels—in December. Transactions in January slipped to double those in October last year. However, according to payments companies, they are seeing stickiness in use of debit cards for utility and petrol bill payments and travel bookings.<br /><br />Last October, public sector banks saw transactions worth Rs 10,893 crore from the 61.7 crore debit cards they had issued till then. As against this, private and foreign banks had reported transactions worth Rs 11,048 crore although their debit card base was much smaller at 12.25 crore. This has changed after demonetisation. <br /><br />Please <a href="http://timesofindia.indiatimes.com/business/india-business/note-ban-effect-debit-cards-preferred-over-credit-cards-account-for-60-of-card-spend/articleshow/57845483.cms" title="http://timesofindia.indiatimes.com/business/india-business/note-ban-effect-debit-cards-preferred-over-credit-cards-account-for-60-of-card-spend/articleshow/57845483.cms">click here</a> to read more. <br /></div> </font>
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<em>MUMBAI: </em>Debit cards have conclusively displaced credit cards as the primary mode of payment in the country following demonetisation. Until October last year, despite outnumbering credit cards by a factor of more than 25, debit cards accounted for only 42% of the total card spend. This has jumped to 60% after demonetisation, which was announced on November 8, 2016.<br />
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<em>MUMBAI: </em>Debit cards have conclusively displaced credit cards as the primary mode of payment in the country following demonetisation. Until October last year, despite outnumbering credit cards by a factor of more than 25, debit cards accounted for only 42% of the total card spend. This has jumped to 60% after demonetisation, which was announced on November 8, 2016.<br />
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Cake\View\View::_evaluate() - CORE/src/View/View.php, line 1413
Cake\View\View::_render() - CORE/src/View/View.php, line 1374
Cake\View\View::renderLayout() - CORE/src/View/View.php, line 927
Cake\View\View::render() - CORE/src/View/View.php, line 885
Cake\Controller\Controller::render() - CORE/src/Controller/Controller.php, line 791
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 126
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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latest-news-updates/note-ban-effect-debit-cards-preferred-over-credit-cards-account-for-60-of-card-spend-mayur-shetty-4681462.html"/>
LATEST NEWS UPDATES | Note ban effect: Debit cards preferred over credit cards, account for 60% of card spend -Mayur Shetty | Im4change.org
Note ban effect: Debit cards preferred over credit cards, account for 60% of card spend -Mayur Shetty
-The Times of India
MUMBAI: Debit cards have conclusively displaced credit cards as the primary mode of payment in the country following demonetisation. Until October last year, despite outnumbering credit cards by a factor of more than 25, debit cards accounted for only 42% of the total card spend. This has jumped to 60% after demonetisation, which was announced on November 8, 2016.
The change is largely driven by small public sector lenders like Oriental Bank of Commerce and Punjab & Sind Bank, where usage of cards has gone up nearly five times. Debit card transactions tripled—from October 2016 levels—in December. Transactions in January slipped to double those in October last year. However, according to payments companies, they are seeing stickiness in use of debit cards for utility and petrol bill payments and travel bookings.
Last October, public sector banks saw transactions worth Rs 10,893 crore from the 61.7 crore debit cards they had issued till then. As against this, private and foreign banks had reported transactions worth Rs 11,048 crore although their debit card base was much smaller at 12.25 crore. This has changed after demonetisation.
