The West Bengal government will soon hand out credit cards for SME owners in the state on the lines of Kisan Credit Cards to save them from moneylenders. In India, cash remains the dominant payment method yet India’s Reserve Bank has strived to promote cashless payments in the country in recent years.
Credit and debit cards are one of the fastest growing segments in India with 18 million outstanding credit cards and 228 million debit cards in India. The country is now witnessing increased smart cards usage by SMEs due to the enhanced security and widespread adoption it offers.
