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Increasing Card-based Transactions Drive Growth
As Indians were more accustomed to carrying out card-less payments, the move towards debit, credit, gift or food cards for carrying out different types of transactions has seen the growth of Point of Sale (POS) terminals in India. The country’s banking sector has been instrumental in the growth of the POS market. Banks are issuing debit cards to all account holders to encourage more card-based transactions. This has also worked in favour of consumers, who now need not carry a huge amount of cash and worry about losing it.
Currency has been an important mode of payment in India. With cash and cheques being the traditional and preferred modes of payment for years, the Indian payment system has undergone a sea change with the introduction of card-based systems in the last decade. The economic boom led to a higher purchasing power in the hands of consumers, and slowly inculcated in them the practice of using cards to purchase goods and services. Increased urbanization, and the penetration of mobile and Internet have made the younger generation more open towards using cards. But the older generation is reluctant to use cards as they fear that their card details may be fraudulently acquired and used by others.
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