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Paisa Vaisa with Anupam Gupta
Credit Cards 101 with Sanjeev Moghe of Axis bank
Dec 2, 2024
Sanjeev Moghe, President & Head of Cards & Payments at Axis Bank, shares his insights on the evolution of credit cards in India. He discusses the surge in credit card usage during festive seasons and the growing popularity of co-branded cards with e-commerce giants. Sanjeev elaborates on the challenges posed by regulatory changes and credit card delinquencies. He also provides valuable tips for effective credit card management and highlights the importance of reward programs, ensuring consumers make the most of their credit card experiences.
37:09
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Quick takeaways
- The evolution of credit cards has transformed them into secure and user-friendly financial tools, attracting a diverse range of consumers.
- Responsible credit card usage is crucial for maintaining financial health and stability in an expanding market, emphasizing informed borrowing practices.
Deep dives
Evolution of Credit Cards
The evolution of credit cards over the past two decades showcases significant advancements in technology and consumer security. Initially, credit cards were primarily characterized by their physical form, such as silver, gold, or platinum designs, and relied on impractical methods like slug machines for transactions. With the introduction of Electronic Data Capture (EDC) and the shift to chip and pin technology, transactions became not only faster but also more secure, minimizing the risks associated with card duplication and fraud. These changes have transformed credit cards into essential financial tools that are now safer and more user-friendly, attracting a broader audience and changing the landscape of consumer behavior.
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