Credit Adviser

COVID has been disastrous for Individuals who work for businesses heavily involved in sectors like travel, tourism and entertainment. They have felt the impact most directly with loss of bonus and other incentive pay often followed by temporary or permanent job loss. As the economic contraction turns into a longer-term economic recession, one can expect high unemployment figures to continue, along with lower salaries as more job seekers compete for fewer available jobs.

This is bound to have an impact on one’s levels of debt, especially on credit cards. If you have available credit on your credit cards, and you need money, you may want to use your credit card limit and make minimum amount due payments (rather than pay the card dues off in full). But credit cards typically charge very high interest rates. This increase your outflow and also increases your card limit utilization ratio. This can decrease your CIBIL score.

The credit utilization ratio plays a

India has seen explosive growth across all digital channels i.e. POS, credit cards, debit cards and wallet payments. However, currency in circulation (CIC) has grown from Rs17 tn in 1HFY17 (pre demonetization) to Rs21 tn as of FY2019, thus signifying that despite increasing digitization of transaction, cash remains core for the Indian economy, large amounts of cash is used for Corruption by Politicians and Government Officials.

The ATM Demand – The quantum of ATM transactions have increased substantially over the past few years, especially in semi-urban areas. This is driven by government initiatives like PMJDY and DBT scheme etc. These demand levers

A credit card can make your life easier in many ways. You can purchase expensive items on EMI basis, be prepared for emergencies that require a lot of money on a short notice, and even shop online to enjoy huge discounts/cashback offers, etc. However, the benefits come with their share of risks.

The Risks: Credit Card Scams

Frauds related to credit cards aren’t uncommon. Tricksters use all kinds of methods such as skimming, triangulation, etc. to dupe their victims and cause financial damage. However, there are various steps that you can take to prevent yourself from getting trapped in a scam:

1. Protect your card details
Never reveal your card details especially the PIN and password over phone or email. A lot of fraudsters try to trick their victims by telling them that their credit card details have been stolen and they need to know their PIN so that they can block the card. The victim, naturally panicked, shares the PIN with them which they then use to make unauthorized transactions.

Remember – no employee from your

Lyra in India is successfully working with major banks across the country.

In the payment sector, many changes are taking place boosting the economic growth. The vast demonetization plan launched in November 2016 has increased the use of bank cards across the country and has led to more technological advances, with a strong appetite for new mobile uses.

India is a strategic country for Lyra & the French company is contributing to several campaigns of the Government of India