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I am guessing that you are extremely well to do by Indian standards and probably among the top 10% of the country by wealth. You paint a very optimistic picture
by statguy 10y ago
I am guessing that you are extremely well to do by Indian standards and probably among the top 10% of the country by wealth. You paint a very optimistic picture, I would be surprised if more than 10% of the Indian population regularly uses a credit card.
- alkonaut 10y agoMy question was whether they could (e.g. if cash dries up). Of course, there is always a question of whether people can readily access debit cards and bank accounts. I heard stories from the US where even opening bank accounts and having debit cards (with zero credit) was out of reach for poor people for some reason. If that's the case in India then the fact that groceries and rent can be paid with debit cards or bank transfer is of little use to a large fraction of the population.
- aianus 10y agoIt's only out of reach to poor people that have already had bank accounts and abused them by bouncing checks, etc. Or perhaps illegal immigrants who are unwilling or unable to show ID to open the account. Otherwise there are plenty of free bank accounts that poor people can get in the US.
- statguy 10y agoYes, a large fraction of the Indian population >50% does not have a credit/debit card, and a significant percentage don't have a bank account. In fact, in large swathes of rural India, the nearest bank could be a few hours away by whatever means of transportation they have there.