Is Debit Card Is The Best Mode Of Payment? Read Now…

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A shop assistant uses an eftpos system at a Specialty Fashion Group owned Katies store in Sydney December 11, 2012. Australia is being invaded by a swathe of foreign retailers, piling pressure on a local industry already battered by weak consumer spending and ruthless internet competition. Picture taken December 11, 2012. REUTERS/Tim Wimborne (AUSTRALIA - Tags: BUSINESS FASHION)

Last year in November our very own PM Mr. Narender Modi has introduced us to the demonetization. I  am sure you remember the event. As we all know that it has a great impact on the society. The main motive of demonetization was to diminish the effect of corruption. To bring a positive change in the society after the demonetization he took various initiatives. The major change we have seen after the demonetization was the increasing trend of digital payment transactions. Digital payment has become the primary mode of a transaction after this event. The reason behind promoting the usage of digital payment was to make an economy a cashless economy.

It’s been a year since demonetization has taken place in India and since then approximately 1.17 lakh debit cards have been issued in the city by the center. It shows how effectively the digital payment has become the primary mode of payment.

According to the survey, the debit cards have been taken over the place of credit cards in the city. The data collected by banks reflect, 17,09,567 debit cards were issued by banks up to March 31, 2016. However, the number of debit cards has now reached 18,26,757.  On the other hand, 38,874 credit cards were issued up to March 31, 2016. The figure has now reached 39,214.

The uses of debit cards had increased after the UT made POS machines available at various offices.  The Administration has decided not to accept an amount of over Rs 2,000 at Sampark centers. The administrator added. He stated that this is a strategy which led to more use of debit cards by residents.

As per the statement of the official of the private bank many banks had offered an add-on card, which had also lead to an increase in the number of cards.

It is never easy to accept a new change. But it seems that the change of payment mode or we can say mode of cashless payment has been accepted by the society quickly without many efforts. Otherwise, it is very difficult for the human to adapt the change in the shorter period of time. A resident of sector 7, name Rajan said that he had been using a debit card for making all sorts of payments such as school fee and bills and also encourage society to adopt the usage of debit cards or any mode of cashless payment.

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