MasterCard encourages debit, pre-paid cards to advance financial inclusion in India

Friday, January 24, 2014

With a high growth potential, debit and pre-paid cards can be used to accelerate financial inclusion and reaching out to rural India, a senior MasterCard Worldwide official said here today.

“These cards will be one of the electronic models for cash displacements and reduce cash and cheque-based transactions in the coming decade in the country,” T V Seshadri, Global Executive for Global Products & Solutions at MasterCard World, told PTI here.

The Reserve Bank of India (RBI) estimates some 700 million Indians were still outside the banking system due to limited access in rural regions.

Source: The Financial Express (link opens in a new window)

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banking, digital payments, financial inclusion, financial products