India to have 1 billion debit cards soon, a 12-fold jump in 10 years

Five years ago, ATM transactions formed 90% of debit card usage in volume and 95% in value. Today, PoS (point-of-sale) and e-commerce form 31% of total transactions, and 15% of the value of transactions. The govt's decision to waive MDR (merchant discount rate) charges for debit card purchases below Rs 2,000 has encouraged debit card usage in shopping.

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