New Payments Tech: What’s The Future of Credit Cards in India

A banknote (legal tender) is a bank issued negotiable promissory note payable on demand to the bearer. The banknotes replaced the former exchange mechanisms (gold and silver) for availing goods and services. The advent of first plastic card was in 1951 in Franklin National Bank for its loan customers in New York. In India, Andhra Bank commenced the usage of credit cards in 1981. In India the late 1990s and early 2000s witnessed the general perception with regards to using credit cards for daily transactions filled with safety concerns (fear of losing money by card misuse or financial fraud). However, that is not the case anymore as in the present times the average Indian consumer has at least 2 credit cards coupled with a welcoming attitude towards availing finance on credit. As reported by the Reserve Bank of India, the data figures for issued credit cards as of March 2018 are 37.4 million as against 29.8 million issued credit cards in March 2017. Whereas in March 2008 the figures were 28 million cards. Continue reading “New Payments Tech: What’s The Future of Credit Cards in India”