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Presentation on Debit cardsand Credit Cards !!!!
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Evolution of Credit card
Year 1958, the American Express Company
entered the credit card business with their version
of the universal credit card, having the marketing
tagline as "Don't leave home without it".
In 1966, Barclaycard in the UK introduced the
first credit card outside the US.
Credit cards came to India in 1979.
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Evolution of Debit card
The debit card was launched almost two decades
later in 1988.
But as of now, there are more active debit cards
than credit cards.
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Types Of Cards
1. Debit Card (also known as a bank card orcheck card)
is a plastic card that provides an alternative payment
method to cash when making purchases. Functionally, it
can be called an electronic cheque, as the funds are
withdrawn directly from either the bank account, or fromthe remaining balance on the card.
A credit card is a small plastic card issued to users as
a system of payment. It allows its holder to buy goodsand services based on the holder's promise to pay for
these goods and services.
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Market for credit cards in India is made up of 18 major banks and
financial institutions providing credit card products and services.
There are 11 major types of credit cards available in India.
Following are a few major credit card
providers in India:
ABN Amro
HDFC
American Express
ICICI Bank
Axis Bank
SBI
Bank of Baroda
Canara Bank etc..
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Advantages of using a Debit
card
It cost the government nearly Rs 2,800 crore to print
currency notes in 2009-10. Cash/currency notes are
the preferred mode of payment for most customers,
but with printing cost on the rise, it makes sense forthe government to reduce usage of these notes and
shift cash transactions to a card-based system of
payment.
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Unlike when you write a check, using a debitcard saves you from having to show
identification or give out personal information at
the time of the transaction.
It frees you from carrying cash or a checkbook.
It can save you from having to stock up on
traveler's checks or cash when you travel.
Debit cards may be more readily accepted than
checks, especially in other states or countries.
Advantages of using a Debit card
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Comparative features of debit andcredit cards in India
Aspects Debit card Credit card
Size 2x3 Inches 2x3 Inches
Mode of use same same
Bank accountrequirements for card
holders
must optional
Main service-providers Cirrus, visa electron,
maestro etc.
Master, visa, Amex
etc
Nature of financing Own sources Consumer loan
Nature of banking
product
Liability product Asset product
Customers/merchantspreference more less
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In India, debit cards are more popular than the
credit cards mainly due to the fact that Indiansare not comfortable with debt.
India has a huge customer base that can afford
a debit card but not a credit card.
There is thus tremendous scope for furthergrowth of debit cards and their usage incommercial transactions.
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