India will have a credit disaster.
Thanks to Flipkart.
There was a truth called debit card when it was believed that debit card is cash and not credit.
Through it's latest advertisement "EMI's on debit card", definition of debit card underwent a change.
Debit Card according to Investopedia:
"A debit card is a payment card that deducts money directly
from a consumer’s checking account to pay for a purchase. Debit cards eliminate the need
to carry cash or physical checks to make purchases. In addition, debit cards,
also called check cards, offer the convenience of credit cards and many of the
same consumer protections when issued by major payment processors like Visa or
MasterCard.
Unlike credit cards, they do not allow the user to go into
debt, except perhaps for small negative balances that might be incurred if the
account holder has signed up for overdraft protection. However, debit cards usually have daily purchase limits,
meaning it may not be possible to make an especially large purchase with a
debit card."
Hope Reserve Bank of India stops Flipkart from airing such advertisements.
References:
No comments:
Post a Comment