Moving towards cashless economy

Small ticket transactions like public transport pay or paying your helper’s salary are very few little things left that needs cash payment. Rest, from grocery to clothing, household to electronics, auto mobile to furniture, jewellery or baby products all can be purchased using cards over the net. Even if you visit a store, most of them now facilitate card payments. Thus, India is definitely marching to become a cashless economy.

HDFC expect rise in online transactions

Parag Rao, senior executive vice-president of business head, card payment products and merchant acquiring services, HDFC Bank comments, “Close to 50% of transactions happens in online form for credit and more than 40% on debit and this is been increasing year-on-year. We have also constantly engaged with leading merchants in e-shopping, travel and entertainment categories to bring exclusive offers for HDFC Bank customers which had led to the growth in e-commerce transactions.” The bank issued over 6 million credit cards and over 22 million debit cards this year, which marks a boost of 30percent annually. HDFC hopes online transactions to still rise by 70percent.

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