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@ BusinessToday

SBI wants to eliminate debit cards to make way for digital payments

Is the debit card nearing the end of its journey? SBI Chairman Rajnish Kumar said the bank believes that removing debit cards would pave way for more digital payment solutions. However, bank heavily rely on debit card transactions right now. Currently there are 90 crore debit cards in the country, while there are only 3 crore credit cards. Bank has planned to set-up 1 Million Yono cashpoints over next 18 months that will enable customers to withdraw cash at ATMs or make transactions without a debit card. 

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