Developing nations in Asia-Pacific and Latin America are increasingly replacing their cash transactions with debit and credit cards, which is driving the card industry and hence the financial services industry growth in the region. India is among the most cash-intensive economies in the world, with a cash-to-GDP ratio of 12 per cent, almost four times that of markets such as Brazil, Mexico and South Africa, global payments company MasterCard estimates. The new government in India, recommended tax concessions to reduce the cost of credit, debit and online payments. There is a lot of scope imminent if there is a policy shift. There could be an unimaginable scope in the industry if this is followed by other nations as well.
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