ICICI Bank’s debit as well as credit card usage have raised by 100% due to the demonetisation of Rs 500 and Rs 1,000 notes in the country.
The bank has noticed the increase in utilization of debit cards in the last seven days. The data has reached to 40% in credit cards including at restaurants, departmental stores and healthcare services.
Most of the people are preferring their cards to purchase automobiles and accessories.
“Debit Card transactions have grown by 100 per cent over regular volumes over the last 7 days. And credit card transactions have increased by nearly 40 per cent over regular volumes in the same period,” ICICI Bank spokesperson said.
On November 12, over 1 million people performed the transactions from their ICICI cards, bank claimed.
“This is a 70 per cent increase over regular volumes over the last 7 days,” said the spokesperson.
Being a part of digital cards, people are not facing problems due to the banning of Rs 500 and Rs 1000 notes rather they are happy that it will remove black money from the country.
Banks as well as ATMs across the country are facing long queues of people waiting for hours either to exchange their old high-value currencies or to withdraw cash.
The government has announced on Tuesday that the customers will be marked with ink while coming to exchange money.