Categories: Business

Credit card transactions to increase due to corona says SBI Card CEO

Photo: GOOGLE

SBI Card

new Delhi. Due to the challenging situation caused by the Corona virus epidemic, transactions through credit cards can increase further. This estimate has been given by a senior SBI card official. Hardayal Prasad, managing director and chief executive officer of SBI Card, told PTI-Language that it is too early to say how the credit card industry is growing. I have always been a supporter of digital transactions. Whatever may be the economic situation, I think that the transaction through credit card will increase continuously. He said that if 'lockdown' (closure) is terminated at some places from May 17, the functioning will be normal in about 2-3 months.

Prasad said that now if people stay in the house more and are not going out, they will probably want to make their home better. He may want to get a big television, a big freeze because he is not going to eat outside and cook at home. The company is observing this kind of trend. People will feel that now our home is an office, it should be made better. In such a situation, they would like to make their home better.

Prasad speculated that the situation is expected to be normal by October, so the business is going to be a bit challenging. He said, "During that time there will be festivals. The festival is important in terms of expenditure in the country. However, it is also true that 60 to 80 percent of the business is done in summer which will not happen this year. However, Prasad expressed confidence that things will improve during festivals and New Year in terms of expenditure. SBI Card is also looking at 'co-branded' cards. The company has a co-branded card with Apollo Hospital. Through this, people can buy medicine online with advice from doctors. Apart from this, the company is also focusing on the education sector as many people will now opt for the 'online' course. SBI Card and Payment Services operates under the brand name SBI Card. The company grew by 28 percent to 1.05 crore in the last financial year. SBI Card is a joint venture entity of SBI and Carlyle Group, the country's largest bank.

This post was published on May 12, 2020 2:07 am

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