SBI Chairman, Rajnish Kumar said, in the next five years, there will be a limited need to have any plastic cards (credit or debit cards) in your pocket. Through the Yono platform, one can withdraw cash at the automated teller machines.
If SBI has its way, it may indicate the beginning of the end of the omnipresent debit cards from the banking system as the bank plans to promote more digital payment solutions and eliminate the plastic cards.
This is despite the huge dependence on debit cards by customers of SBI which services a fifth of India’s population.
“…it is our wish to eliminate the debit cards, and am sure we can eliminate them,” chairman Rajnish Kumar said, speaking at the annual Fibac.
He said there are around 90 crore debit cards in the country as against 3 crore credit cards, and pointed out to digital solutions like its own ‘Yono’ platform as the key for achieving a debit card-less country.
Additionally, Rajnish Kumar said the Yono platform can also give credit for buying certain merchandise, making the credit card in the pocket also as a “stand-by”.
In addition, he said through the Yono platform, one can withdraw cash at the automated teller machines or pay for purchases at a merchant establishment without having a card at all.
In the next five years, there will be a limited need to have any plastic cards in your pocket, he said, pointing out that virtual coupons is the future.
In conclusion, Rajnish Kumar added, at present, the QR code is also a very inexpensive way of ensuring payments.
By: Abhinav Ranjan, Editorial Desk, DKODING Media