India is one of the fastest growing countries in the plastic money segment, there are 130 million cards in circulation, which is likely to increase at a very fast pace due to rampant consumerism. India’s card market has been recording a growth rate of 30% in the last 5 years. Card payments form an integral part of e-payments in India because customers make many payments on their card-paying their bills, transferring funds and shopping. Ever since Debit cards entered India in 1998, they have been growing in number and today they consist of nearly 3/4th of the total number of cards in circulation. Credit cards have shown a relatively slower growth even though they entered the market one decade before debit cards. Only in the last 5 years has there been an impressive growth in the number of credit cards – by 74.3% between 2004 and 2008. It is expected to grow at a rate of about 60%, considering levels of employment and disposable income. Majority of credit card purchases come from expenses on jewelry, dining and shopping. Another recent innovation in the field of plastic money is co-branded debit cards, which combine many services into one card – where banks and other retail stores, airlines, telecom companies enter into business partnerships. This increases the utility of these cards and hence they are used not only in ATM’s but also at Point of Sale (POS) terminals and while making payments on the net.