Despite the convenience provided by mobile transactions and NFC-enabled wearable technology, debit and credit cards won’t vanish anytime soon.
In a world where financial payments methods have made giant strides, so much so that transactions can now be made with the jewellery on your finger—it’s called a K Ring and was launched by K Wearables in the UK last year—is there a future for plastic money? The question becomes pertinent as online and mobile transactions that do not require a debit or credit card are on the rise in India too.
However, make no mistake, plastic money is far from fading away. Data from the Reserve Bank of India (RBI) indicates that the number of payment cards, and transactions through these cards, are on the rise. Credit cards being used in India have grown by 54 percent, compared with two years ago while debit card volumes have surged 14-fold in the period. The latter is largely on account of the new RuPay cards (similar to the international Visa and Mastercards) that have been issued as part of the Pradhan Mantri Jan-Dhan Yojana scheme, which aims to increase access to financial services.
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