Volume : I, Issue : V, February - 2012

An Analysis Of Growth Of Credit Card Industry

Dr. A. Vinayagamoorthy, K. Senthilkumar

Abstract :

An innovation in consumer banking is the introduction of Plastic Money to facilitate electronic payment. One of the forms of plastic money is credit cards. A credit card is a plastic card with a magnetic strip on which the required vital information of identity like the name of the card holder, account number, credit limit, date of validity, issuing organization, specimen signature of the card holder etc are enclosed. A credit card enables the holder the cashless purchase of goods and services at selected places. Credit card can be called as an equivalent of a loan sanctioned by the bank to the customer. Credit card facilitates and makes it possible to use first and pay later. On Feuary 28, 1950 A Diners club card, the first multiuse credit card was issued. This marked the beginning of the era of plastic money. Diners card was launched in the Indian market in 1960. The Central Bank of India was the first bank in our country to introduce credit card system in August 1980, followed by several other banks. In India, both foreign and Indian banks are doing credit card business. In this paper highlights growth of credit cards industry in India.

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Article: Download PDF   DOI : 10.36106/ijar  

Cite This Article:

Dr. A. Vinayagamoorthy, K. Senthilkumar An Analysis Of Growth Of Credit Card Industry Indian Journal of Applied Research, Vol.I, Issue.V February 2012

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