Question : Axis Bank has recently announced the launch of its ACE Credit Card in India in collaboration with Google Pay and Visa.Which one of the following statement regarding credit card is correct ?
(a) As of 2019, India had around 22 million credit card users
(b) As of 2019, India had around 32 million credit card users
(c) As of 2019, India had around 42 million credit card users
(d) None of the above
Answer (d)
Related facts
- Axis Bank on Monday(12 October 2020) announced the launch of its ACE Credit Card in India in collaboration with Google Pay and Visa.
- The card meant to help with digital payments. From application to issuance, with the entire user journey for the credit card application will be done digitally.
Benefits
- For essential use cases, including mobile recharges and bill payments made via Google Pay, users can earn a cashback.of 5 per cent.
- The company is also offering 4 per cent-5 per cent cashback for expenses on food ordering, online grocery delivery, cab rides for transactions made on partner merchant platforms such as Swiggy, Zomato, BigBasket, Grofers and Ola.
- There is also an unlimited 2 per cent cashback on other transactions with certain terms and conditions.
- Envolvement of parties
- Users will be able to get cashback directly into their ACE Credit Card accounts.
- The tokenization feature enabled in partnership with Visa will allow Google Pay users to use their ACE Credit Card to make payments through a secure digital token attached to their phone without having to physically share their card details
Credit Cards statistics in India
- As of 2019, India had around 52 million credit card users.
- During 2019-20, the number of card payment transactions carried out through credit cards and debit cards increased by 23.5 per cent and 16.1 per cent, respectively, while the value increased by 21.1 per cent and 35.6 per cent to
7.3 lakh crore and8.0 lakh crore, respectively.
By — Pankaj Pandey
Link:
https://www.thehindubusinessline.com/money-and-banking/axis-bank-collaborates-with-google-pay-visa-to-launch-a-new-ace-credit-card/article32835125.ece
https://www.axisbank.com/retail/cards/credit-card/axis-bank-ace-credit-card?cta=homepage-main-banner-second-ace-credit-card