Number of debit cards in India down by 15%

The number of debit cards in India is down by 15% from 998 million cards , as on Nov 3, 2018 to 843 million, as of October 2019.

Reason? As per bankers, nearly 155 million cards went out of the market because of the EMV migration from magnetic-strip to chip-based cards, weeded out dormant accounts and inactive cards.

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