Number of debit cards plunges 15%, hits a 2-year low

Bankers say early 155 million cards went out of the market because of the EMV migration from magnetic-strip to chip-based cards, weeded out dormant accounts and inactive cards. The RBI has mandated that all banks have to make this switch as EMV-chip based cards are deemed more secure. So most of 2018, banks were engaging in a massive exercise to reissue all debit cards.

from Banking/Finance-Industry-Economic Times https://ift.tt/2ZnRsHG