We live in a world where technology has given us an option to carry a thin card instead of huge stacks of paper in a form of money. Now, we don’t have to carry large sums of money, with risk and in an uncomfortable way. A debit card is a form of a payment card, which can be used for making any kind of purchase and is accepted instead of money. It deducts the amount that you spend while buying anything, directly from your bank account.
There are many reasons why debit cards are considered more convenient than cash. India has now accustomed to using cards instead of cash. They are safe and convenient to carry.
Transactions are comparatively faster and are accepted all over the country. It also makes the online transaction easier and the best thing, it doesn’t let you overspend. Therefore, it is safe to say that a Debit card is one of the most popular and appropriate forms of cashless transaction.
"I've always been pretty careful at keeping track of my spending, so using my debit card is often the easiest way of doing that."
In the following article, we’ll discuss the features provided by the top banks on debit cards.
In India, there are several banks that dominate the debit card market. Let’s find about them:
State Bank of India (SBI)
Termed as the 43rd largest in the world and largest in India, SBI is a multinational public sector bank whose headquarters is situated in Mumbai, India. This financial services company is providing the country’s citizens with its facility since 1955. It is being a big factor in the debit card market of India by holding 33% of the market share.
Some of the unique features that it provides with its debit cards are:
- It provides cardholders with high cash withdrawal limits on selected cards.
- 3D online security service is provided by the bank to have secured transactions.
- Many exciting offers for shopping from E-Commerce site- Amazon.
Founded in 1994 by Hasmukhbhai Parekh and Sashidhar Jagdishan, this financial service company is India’s largest private sector bank in the market. The headquarters is situated in Mumbai, India. HDFC holds 4% of the debit card market share in India. It is the subsidiary of Housing Development Finance Corporation.
HDFC offers some good features to its debit cardholders and they are:
- It provides customers with a high online payment limit.
- Numerous website offers exciting amount of cashback and discount if transactions are made by HDFC debit cards.
- You can set a limit on your card for shopping, so to avoid overspending.
- HDFC provides EMI offers while buying anything using debit cards.
- Premium debit cards provide free health insurance coverage.
This third largest private sector bank in India is serving people since 1993. It holds 3% of the debit card market share in India and the headquarters is situated in Mumbai, India. It changed its name from UTI bank to Axis bank in 2007.
Some exclusive features provided by Axis Bank to its debit cardholders are:
- You can print your customized design for your debit card.
- The bank provides an option to earn reward points, after domestic and international purchases.
- Up to 20% discounts are available if you dine out in a restaurant that has partnered with Axis bank.
- Getting vouchers and gifts after expending and making some minimum purchases.
This bank was established in 1994 and is a subsidiary of Industrial Credit and Investment Corporation of India, which was formed in 1955. It has 5255 branches all over India and is present in 17 countries. Moreover, it is famous for being the first Indian bank for listing itself on New York Stock Exchange. It holds 4% of the debit card market share in India.
The debit cardholders of ICICI bank enjoy some special features, and they are:
- Some of the cards offer a good percentage of discounts on hotels.
- Shopping vouchers are provided for purchasing from numerous E-Commerce websites.
- Minimum 15% of discounts are offered to the customers for dining in the partnered restaurant.
Kotak Mahindra Bank
The third-largest private sector bank was founded in the year 2003 by Uday Kotak. The headquarters is situated in Mumbai, India again. It has over 1600 branches in India. It holds 2% of the debit card market share in India. This bank is popular for its great customer service.
ICICI provides some exclusive features to the debit cardholders and they are:
- It provides an unlimited number of withdrawals for its Gold Privilege savings account customers.
- Day-to-day expenses of the customer made by the card can be traced by them.
- Premium cards give them the benefits of insurance on Air Accidents.
Top Banks that provide Debit Card Services in India
According to reports, as of now, there are 850 million debit cards are active in India. With a population of over 1.3 billion people, this is not something strange. Some of those banks are:
- Bank of Baroda
- HDFC Bank
- Union Bank
- Axis Bank
- ICICI Bank
- IDBI Bank
- Bank of India
- Kotak Mahindra Bank
The Indian payment structure saw an evolution since the introduction of payment cards. These cards play a very significant role in our day to day lives, it makes life easier and has made regular transaction safer and convenient. India is a country where the most number of debit cards is in use. The users are increasing day by day, with the motive of making transactions cashless.
How many Types of Debit Cards are there in India?
There are six different types of debit cards present in India.
Who makes Debit Cards in India?
National Payment Corporation of India (NPCI) makes the debit for which the banks pay the fee to them.
How many People in India have Debit Cards in India?
As of 2020, 860 million debit cards are active in India.
Must have tools for startups - Recommended by StartupTalky
Subscribe to StartupTalky
Get the latest insights delivered to you right in your inbox