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”
In the ever-growing shift to a cashless society, payments using cash to cards have been exponentially increasing. The non-cash payments have increased in volume due to the rise in adoption of digital payment services across all market segments. A research by CNBC predicts that tech innovations such as connected homes, contactless bank cards, wearable devices and augmented reality will drive cashless transactions in the future.
In today’s world, we need money to make money. With a plethora of banks and lending agencies opening up everywhere, one might think that procuring money will become easier, but this might not always be the case. Lending money involves huge risk and thus almost all financial organizations rely on certain criteria to index the repayment capacity of an applicant. A credit score is Continue reading “10 Ways To Increase Your CIBIL Score in 2017”
If you are looking to get your first credit card and you have absolutely no idea then you have come to the right place. Getting your first credit card is always an exciting experience but even more confusing. A credit card is similar to a debit card where instead of having the funds deducted directly from your checking account when you make a purchase, you’ll take on a short-term loan. This loan may or may not accrue interest, depending on when you pay it off.