Growth of Debit and Credit Cards – A Study of Select Indian Public and Private Banks

  • Mr. M. Thirmal Rao, R. Haarika, Gaddam Naresh Reddy


    In earlier days, people used cash for every transaction, whether it is a domestic or an international transaction. With the evolving technologies and adoption of Core Banking Solutions (CBS) by banking companies, there is a tremendous change in the way of interaction between banks and their customers. One of them is making payment with debit and credit cards. These are known as bank cards that are used for making payments in various stores. These days the payment for any purchase has become very easy and convenient for the public, all they need to do is  tap or swipe their credit or debit card, enter the necessary details with the PIN and the transaction in done, though it seems to be easy, but internally there is a process where few steps are involved to complete a transaction which are known as Authorization, Batching, Clearing, Funding and fees.