Credit and debit card market in India - statistics and facts
Credit cards first appeared in hotels in the United States, where they were given to wealthy, regular guests. In the years that followed, they spread to other industries and target groups. Regulations in the late 1960s led to the formation of the financial service corporations Mastercard Inc. and Visa Inc., which dominated the global market. Standard credit cards allow the holder to purchase items or withdraw cash at an authorized point by borrowing money from the issuing bank or financial institution. Standard debit cards have the same features but draw funds from a deposit. Thereby, debit cards do not carry the same risk of indebtedness with banks as credit cards. The credit and debit card market in India emerged in the wake of the market liberalization of the 1990s when more and more private banks were founded, and public banks adjusted to global standards.
