Banks focusing on card innovations to compete with e-wallets, UPI

NFC transactions account for 2-3% of card transactions in India

Banks are innovating card products and strategies to appeal to the new demographic even as cards compete with the fast growth of newer payment modes like the Unified Payments Interface.

Customer behaviour towards cards has changed and people no longer want to carry a bulky wallet full of debit and credit cards, say industry players.

 

“The payments market is evolving, along with a shift in consumer behaviour. Consumers are increasingly looking for innovative products and services that provide enhanced speed and security combined with ease of