Tremendous increase in the use of credit and debit cards tranformed indian economy cashless. Need to carry huge amount of cash vanished.For Vijendra Rawat, 42, it has been a long travel from money to card. When he began working in the early 1990s, practically all his expenditures were in money. Debit cards were not that mainstream then and the Credit card was still an exceptionally corner item. It didn't help that not many outlets - from staple to drain to utilities - readily acknowledged card installments. It is distinctive today.
More noteworthy is the common development in volume and quality of transactions. Credit card uses (in worth terms) have more than multiplied to Rs 1.23 lakh crore in spite of a plunge in the amount of Credit cards between 2007-08 and 2012-13. Furthermore check card uses (in worth) have climbed six times to Rs 74,400 crore throughout the period. Today in India, there are around 19 million credit cards and 350 million debit cards. Till 2008, there were 27.55 million Credit cards in India.