Corona virus crisis will increase transactions through credit cards

abstract The challenging situation caused by the coronavirus epidemic will increase transactions through credit cards.  Detailed The...

abstract

The challenging situation caused by the coronavirus epidemic will increase transactions through credit cards. 

Detailed

The challenging situation caused by the coronavirus epidemic will increase transactions through credit cards. A senior SBI Cards official said that now that it has become necessary to live indoors, people will spend to improve the interior of the house.  Hardayal Prasad, managing director and chief executive officer of SBI Cards, said, "It is too early to say anything about how the credit card industry is growing." I have always been a supporter of digital transactions. Whatever may be the economic situation, I think the transaction through credit card will increase continuously. '  There will be more boost from demonetization



Prasad said, 'The credit card industry was given a boost after demonetization. I think the coronavirus epidemic is going to be bigger than demonetization. After demonetization, cash transactions were replaced by digital. If we get even 5% of that, that will be important. So, we are looking at that. The cash you spend can actually be through the card. Now if you stay at home for a long time and are not going out, you will probably want to make your home better. ' 

Prasad said that if people live in homes, they would like better products. He may want to get a big television, a big freeze because he is not going to eat outside and will cook at home. We are looking at this type of trend. People will feel that now our home is an office, it should be made better. In such a situation, they would like to make their home better. 

Expenses through cards will be less for entertainment
Prasad said that expenses will be reduced through cards for things like travel, hotels, summer vacation, cinema, and entertainment. Things are expected to be normal by October, so the business is going to be a bit challenging. He said, 'During that time there will be festivals. The festival is important in terms of expenditure in the country. However, it is also true that 60 to 80 percent of the business is done in summer which will not happen this year. 

Things will improve during the New Year, 
however, Prasad expressed confidence that things will improve during the festivals and New Year in terms of expenditure. SBI Card is also looking at co-branded cards. The company has a co-branded card with Apollo Hospital. Through this, people can buy medicine online with advice from doctors. 

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Today's Latest news, Know What's happening in India- with Timesnowindia.com: Corona virus crisis will increase transactions through credit cards
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