The current business model of card payment system needs to evolve

For those grappling with cash scarcity due to the recent demonetisation move, debit and credit cards have come in handy. Thanks to the recent drive towards financial inclusion, a large segment of the population has access to these payment options now. The number of banks providing card payment option has increased from barely 60 in 2011 to more than 700 today. The card base — both debit and credi...