April 20, 2016

India’s Modernizing Banking Infrastructure

   April 20, 2016

India’s Modernizing Banking Infrastructure

Number_of_ATMs_in_India_Number_of_ATMs_TMMChart.png

Trader’s remarks: Payments-related technological innovations are changing the way the Indian consumer pays, however, cash remains king. The usage of debit cards at ATMs still account for around 94% of the total value of debit card transactions. Compared to this, transactions at the point of sale (PoS) terminals, account for only 6% of the value of transactions. One of the reasons is that the usage of cards has been constrained by lack of accessible acceptance infrastructure, especially in rural areas. Hence, most customers still largely use debit cards for ATM withdrawals.

Get articles like this straight to your inbox each morning with our Breakfast Briefing. Sign up by clicking here!

Log in with your details

or    

Forgot your details?

Create Account

Send this to a friend