SBI Hopes To Discontinue Use Of Debit Cards
GUWAHATI: State Bank of India (SBI), which services a fifth of the population of the country, is aiming to eliminate the use of debit cards from the banking system.
Rajnish Kumar, chairman SBI stated at the annual Fibac meeting on Monday, August 19 that the company wishes to eliminate debit cards to promote digital payment solutions.
He informed that there are around 90 crore debit cards in India, compared to three crore credit cards. He added that digital solutions such as its own ‘Yono’ platform will be the future.
Kumar further stated that in the next five years, there will be virtually no need to carry around a plastic card as virtual coupons and online payments will take over the current methods of payment used for day-to-day transactions.