In India, card payment transactions have been around since the 1980’s
The first bank to introduce credit cards in India was Central Bank of India with ‘Central Card’ in the year of 1980 and the first bank to introduce debit cards in India was Citi Bank in 1987.
According to a report published by the Reserve Bank of India (RBI) there were nearly 350 million debit cards compared to 19 million credit cards. This number is increasing every year by approx. 10-15%.
The Pradhan Mantri Jan Dhan Yojana has entered into the Guinness World Records for its contribution towards the Indian Financial Inclusion. The scheme has helped open 18,096,130 bank accounts in just 1 week.
Research reveals that highest numbers of card payments are done for retail fashion (32%) followed by supermarkets/department stores (18%), hotels & restaurants (17%), hospitals (7%) and the rest others.
Recent research revealed 74% of respondents preferred card payments (both credit & debit) for online purchases, while 51% used cash-on-delivery and 47% using net banking.
For the first time in India, paperless transactions have exceeded the paper based transactions. (Paperless – 9202892 crores and Paper based – 8543414 crores)
The total number of credit cards in India – 2.12 crores and the total number of debit cards – 56.5 crores.
With debit cards having the majority of the cards market share, the number is going to increase by 90% by 2017.
A total of 150 countries including India now use Visa, Amex, Maestro and MasterCard. These card payments like debit cards/ credit cards can be done in case where, fee has to be paid online for school, colleges, universities, clubs, gyms, associations as this online fee collection/Payment has been offered to these institutions with Feegenie.