SBI Aims to Eliminate Debit Cards

If the largest lender SBI has its direction, it might proclaim the start of the part of the ubiquitous debt cards from the banking framework as the bank intends to advance increasingly digitally payment solution and wipe out the plastic cards.

This is in spite of the enormous dependence on debit cards by clients of SBI which services a fifth of the population.

Chairman, Mr Rajesh Kumar said there are around 90 crore debit cards in the country against 3 crore credit cards and indicated out digital solution like its own ‘Yono’ stage as the key for accomplishing a debit card-less country.

Through the Yono stage, one can withdraw money at the automated teller machines or pay for buys at a trader establishment without having a card at all.

He said the bank has officially set up 68,000 ‘Yono cashpoints’ and is scaling it up greatly to more than 1 million in the following year and a half, which will make the need to have a card even less.

The Yono stage can also give kudos for purchasing certain product, making the credit card in the pocket also as a “stand by”, Kumar said.

Kumar stated, in the following five years, there will be a restricted need any plastic cards in your pocket, bringing up that virtual coupons in future.
The QR code is additionally an extremely modest method for ensuring payments.

Source: IBEF

Image Courtesy: CXO Voice