For decades, Visa and Mastercard were the undisputed market leaders in Payment Processing. The alternative payment industry emerged with Paypal which became the standard for online payments. PayPal has meaningful room to grow as it taps into new markets including the sharing economy, bill payment, and B2B payments. After several unsuccessful attempts, Amazon is seeing more traction with Amazon Payments (after its re-launch in 2013), which allows third-party merchants to improve
The Narendra Modi led government Demonetized highest value currency notes of Rs 1,000 and Rs 500 in November 2016. India primarily being a Cash Economy of which 50% is the parallel Black Money Economy, suffered during demonetization as their was total chaos on the availability of cash. Citizens had to rely on their Debit Cards or Credit Cards to transact at Point of Sale [POS].
We have obtained data from RBI and presenting the same here. We are only considering the Point of Sale Transactions for this study as this is actual transaction on Sale of Goods / Services. The following Chart
In continuing our tradition to source authentic data and present it to you, we have published the breakup of Debit Card and Credit Cards in circulation in India at the end of Dec 2014. It gives me immense pleasure to state that Total Debit & Credit Card Penetration in India has touched a whopping 520 Million / 52 Crore [1 Crore = 10 Mn] at the end of 2014, half the size of Indian population, still less than the 97 crore mobile connections India has.
The Following Chart Shows the
We exposed the SaporDeals Online Fraud and since then we have been getting e-mails requesting to report the matter so that this can save other potential customers from going to this fraud website.
Pradeep Kumar Sharma, a Reader of our Advisory services has shared how he was taken for a Ride by SaporDeals.
I want to alert all readers that some part of my personal information of my SBI Credit Card was leaked and used for mis-selling of items by M/s Sapor Deal Karnal Haryana to me. On 13.01.2014, one phone call came on my mobile phone by a sales girl of above company, she told me
India is a truly Unique Country in its own way. At one end it boasts of having the Second Largest Telecom Subscriber Network and on the other hand Credit Card transactions happening on these Telecommunications network fail quite often for connectivity reasons. Such an instance happened when the Credit Card Authorization was Cancelled / Failed as shown in the receipt to your left. However, the customer has received a SMS on Mobile message that Rs 500 transaction has happened with the outstanding balance indicated. The merchant will then demand you pay in Cash or Re-Do the Credit Card transaction on
After looking into Massive Credit Card Frauds in Online Transactions happening Abroad for Cards Issued in India, CardBhai – Credit Advisory floated the idea of 2nd Factor of Authentication for Card Not Present Transactions such as Online Shopping. Earlier in March, the RBI mandated Credit Card Issuing companies to upgrade their systems for Additional Authentication for Online Transactions. HDFC Bank went a step ahead and gave consumers a choice of One Time Password sent to their Mobile which could used to complete the Online Transaction.
Now for the second factor of authentication banks have come up