North India Statesman
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Credit Card: Today, credit cards have become an integral part of our life. From online shopping to the economic needs of the last days of the month, this small card gives great relief. But do you know how the credit card started in India? Which bank first started it and how much has this journey changed in 45 years?
In 1980, the Central Bank of India launched India’s first credit card, ‘Central Card’. This card was issued under the visa network. At that time there was no concept of digital payments, and transactions facilities were very limited. This facility was available only to the upper class people. Nobody had expected that this card would later become part of the lives of crores of people.
Today, according to the latest RBI data, more than 11.12 crore credit cards are active in India. Today, many types of cards like regular, travel, lifestyle, fuel, secure and UPI-linked digital card are available. Earlier this feature was only for large banks and people with high credit scores, but now this feature has reached the customers of Tier-2 and Tier-3 cities through small finance banks.
This journey of credit card is not limited to numbers just. Facilities like reward points, fraud from zero liability, insurance have made it more attractive. After the 1991 economic liberalization, foreign banks entered India and introduced new features. After 2000, with the onset of digital revolution, companies such as Flipkart, IRCTC, McMistrip made the credit card a major means of daily expenses. With the introduction of RuPay card in 2012, its access to small towns also increased rapidly.
Today, people without bank accounts can also get credit cards in a special way. In this journey of 45 years, the journey started with ‘Central Card’ has now become the identity of India’s economic power and Digital India.
