MasterCard International will soon launch an awareness campaign about debit cards, which is seen as the future of the card industry.
Raghu Malhotra, vice-president and member, relations and marketing for South Asia, said the campaign will educate customers, merchant establishments as well as franchisee banks - especially public banks.
According to Malhotra, public banks with their large network and client base were ideally placed to encourage customers to opt for debit cards.
These cards should not be marketed as standalone products but as access keys to deposits.
It not only lowers transactions costs for banks but the latter can use it to increase their liabilities base, he said.
Indian consumers have thus far been used to credit cards and there is a reluctance to move to debit cards, especially as some banks charge a fee for it. Most banks are, however, now issuing debit cards in lieu of ATM cards.
