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SBI to discontinue debit cards for promoting digital payments

  •   Tue, Aug 20 2019 01:54:53 PM

Daijiworld Media Network - Mumbai (SHP)

Mumbai, Aug 20: SBI is considering discontinuing debit cards from the banking system to promote digital modes of payment. SBI, one of the largest lenders in the country and for them to stop something as major as debit cards are sure to cause a hiccup.

Chairman Rajnish Kumar stated that they were quite sure about the elimination of the cards. Kumar asserted that there are around 90 crore debit cards in the country against 3 crore credit cards. He pointed out to digital solutions like SBI owned 'Yono' platform as a way to move toward digitization. A Yono platform helps in the withdrawal of cash at the ATM or pay for purchases at a merchant establishment without owning a card.

At present, there are over 68,000 Yono cash points and which will rise to 1 million cash points in the next 18 months.

In the future, plastic cards will be a need of the past and virtual mode of payment will gain momentum. Kumar stated that the QR code has become one of the most common modes of transactions.
  

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Comment on this article

  • AnoNymouS, Mangalore

    Tue, Aug 20 2019

    This is so that the Ambanis can make money by rolling out reliance internet into all the villages. People are forced to spend more money to buy a new phone or to get a new internet connection or to open a bank account with a certain balance. Thanks to the BJP now nobody can keep cash at home as you will never know when he will suddenly DEMONetize the currencies. It should be peoples choice not forcing them to do what the government wants. This is dictatorship. Boil a frog slowing in the water technique. When the bhakths finally realize their ignorance, it will be too late.

    DisAgree [1] Agree Reply Report Abuse

  • Allan Dcosta, Kinnigoli / Abu Dhabi

    Tue, Aug 20 2019

    First let us have a proper network connection for digital payments. India has long way to go before they can implement this. The speed of data is pathetic in the rural areas . How would you educate the people staying in villages to use digital payments. For a huge population like India it is not an easy task.

    DisAgree [3] Agree [9] Reply Report Abuse

  • Tausif, Mysore

    Tue, Aug 20 2019

    Barter system->Gold/Silver coin system->Paper Money->Plastic Money->Digital Money->No Money

    DisAgree [3] Agree [10] Reply Report Abuse

  • ramesh, mangalore

    Tue, Aug 20 2019

    it is not the bank decide what customer wants it is the customer has to decide what he wants. its customer choice/freedom to have whichever mode of payment he wants.
    bank cannot force customer to discontinue debit card.

    DisAgree [2] Agree [18] Reply Report Abuse

  • Vincent Rodrigues, Katapadi/Bangaluru

    Tue, Aug 20 2019

    Customer never likes to withdraw any facility given earlier.

    DisAgree [1] Agree [7] Reply Report Abuse


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