Leading transformation of economy

The continuous promotion calls that you get from various banks offering several debit cards and credit cards did not exist till e-business came in the scene. 'E-commerce has to be one of the reasons for the uptick in credit and debit card sales today. Use of cash will come down significantly and this could lead to potential transformation in the Indian economy,' said Soumya Kanti Ghosh, chief economic advisor at SBI.

Increase in use of plastic money

As per RBI data, debit card usage shot upto 16.3percent in FY15 and credit card increased to 21.3percent by volume. The rise was widespread and extended its geographical limits to tier-II and tier-III urbans from metros and mega cities. Offices and organizations now offer such facilities along with salary accounts in order to earn fame as recruiters in the professional industry.

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