When it comes to debit cards and ATM networks, no one can beat the State Bank of India. But being the market leader of debit cards in India is actually turning out to be a problem for the public lender.
With Indians becoming more open to credit cards and UPI swamping the market, debit cards are dying a slow death. In fact, a lot of industry experts agree that debit cards, in their current physical form, may actually become obsolete in the coming decade. And by being the biggest player in this market that is fading away, SBI is also taking the largest beating from its decline.
But instead of cutting its losses, SBI is still doggedly trying to save this dying product.
Why?
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