Debit cards could soon become a thing of past: SBI chairman
The State Bank of India plans to snap off debit cards from its banking system. It has already set up 68,000 ‘Yono cashpoints’ across the country and about one million more will be set up in the coming 18 months to help the virtual coupon trend gain momentum.
With Yono platform, customers can withdraw cash at the automated teller machines or pay for purchases without the use of card.
SBI Chairman Rajnish Kumar confirming the news said, “It is our wish to eliminate the debit cards and am sure we can eliminate them.”
Kumar also said that presently there are around 90 crore debit cards in the country against 3 crore credit cards and the usage of these plastic cards will be almost nil in the coming five years. Setting up Yono points will help the banks achieve a debit card-less country.