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Debit cards might soon be a thing of the past

PTI|
Beginning of the end for debit cards
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Beginning of the end for debit cards

If the largest lender SBI has its way, it may herald the beginning of the end of the ubiquitous debt cards from the banking system as the bank plans to promote more digital payment solutions and eliminate the plastic cards.

Reuters
No more visiting ATMs
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No more visiting ATMs

This is despite the huge reliance on debit cards by customers of SBI which services a fifth of the population.

"...it is our wish to eliminate the debit cards, and am sure we can eliminate them," chairman Rajnish Kumar said, speaking at the annual Fibac here Monday.

Reuters
Withdrawing in a card-less country
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Withdrawing in a card-less country

Currently there are around 90 crore debit cards in the country as against 3 crore credit cards. Kumar pointed out to digital solutions like its own 'Yono' platform as the key for achieving a debit card-less country.

Kumar said through the Yono platform, one can withdraw cash at the automated teller machines or pay for purchases at a merchant establishment without having a card at all.

BCCL
Moving to apps
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Moving to apps

SBI has already set up 68,000 'Yono cashpoints' and is in the process of scaling it up massively to over 1 million in the next 18 months, which will make the necessity to have a card even less.

Additionally, the Yono platform can also give credit for buying certain merchandise, making the credit card in the pocket also as a "stand-by", Kumar said.

BCCL
Virtual coupons are the future
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Virtual coupons are the future

In the next five years, there will be a limited need to have any plastic cards in your pocket, Kumar said, pointing out that virtual coupons is the future.

He said at present, the QR code is also a very inexpensive way of ensuring payments.

BCCL
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Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service