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Home News Debit cards preferred over credit cards, account for 60% of card spend

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Debit cards preferred over credit cards, account for 60% of card spend

Debit cards preferred over credit cards, account for 60% of card spend

Monday, March 27, 2017, 9:09 AM

Debit cards have conclusively displaced credit cards as the primary mode of payment in the country following demonetisation. Until October last year, despite outnumbering credit cards by a factor of more than 25, debit cards accounted for only 42% of the total card spend. This has jumped to 60% after demonetisation, which was announced on November 8, 2016.
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