HDFC bank has announced several debit and credit card offers across travel, fashion and home furnishings, and has participation of big brands. For instance, gold jewellery can be bought with 5% cash discount at Tanishq, Mia and Goldplus stores, 10-15% savings on economy and premium class of Jet airways and discounts on Flipkart can be availed on payments made through HDFC credit cards.
2017-10-16 :India a potential global leader in digital payments
According to Mastercard CEO Ajay Banga, India can reduce its dependence on cash for payments by almost 90% crediting the same to the country’s investment in Aadhaar. Accepting that credit cards are not different from digital payments but a part of the same non-cash system, 95% of the current cash depemdence in the Indian economy is questionable, as against 80% in Japan, 78% in Germany and just 50% in the US.
2017-10-16 :Credit/Debit Card usage highest ever
In the past one year India has added around 6.27 million credit cards and 98.37 million debit cards in the market. Number of credit cards transactions grew by 37.4% year on year, and that for debit cards rose by 103.4%.Average amount transacted per transaction using credit cards increased by 2.6% from last year. The usage of plastic money has shown a rapid growth post demonetization last year.
2017-10-16 :Credit growth on the rise since 2010- KMB
There has been a growth of 24% in small business, personal loan and credit cards advances of Kotak Bank since last year. These loans together account for Rs 18,277 crore, which translates to around 10% of its assets. With over 10 lakh credit card holders and 37% growth in its retail loans, Kotak Bank is eyeing aggressive growth in credit cards. Delinquency rates in credit cards have also dropped from 6% in 2010 to 1.5% in this fiscal. Several offers for ecommerce buyers such as easy EMI conversion and float loyalty programmes has led to this growth.
2017-10-10 :India lags behind China in e-transactions
Despite the demonetization-caused push in digital payments, China is expected to precede India in share of digital payments and in average growth rate from 2016-2020. With 38.1 billion transactions in 2015, china stands at the third rank and India recorded 4.5 billion in electronic payments in the same period and is expected to be part of the top 10 in the next report.
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