credit card spends reach rs 1.64 lakh crore in march records 20 percent YoY growth

A huge increase has been registered this year in the expenditure made through credit cards. In March, the percentage of expenditure made through credit cards has increased by 20% on year over year (YoY) basis. Similarly, offline expenditure has also increased by 19 percent on year over year basis. HDFC Bank is the largest bank in terms of issuing credit cards in the financial market. Its market share is 20.20 percent.

HDFC Bank The other two largest credit card issuing banks after BSNL are State Bank of India (SBI) and ICICI Bank (ICICI Bank) State Bank of India (SBI) is at number two while ICICI Bank is at third place. Total credit card expenditure in March was Rs 1.64 lakh crore on year over year basis (via) has been reported. In this, online credit card expenditure has been reported to be more than Rs 1 lakh crore, in which 20 percent year over year growth has been registered. In March itself, offline transactions registered a growth of 19 percent on year over year basis. This expenditure has been reported to be Rs 60,378 crore.

The number of credit cards issued till March has registered a 20 percent YoY growth. The total number of credit cards issued is reported to be 10.2 crore in March. With this jump, the total number of credit cards reached 10 crore for the first time in March. Here are the reasons for the increase in spending through credit cards.

The biggest reason is that customers have now started doing more low value transactions, which has led to an increase in the volume of credit cards. Along with this, the volume of Point of Sale (POS) has also increased. It has increased by 28 percent year over year. This growth has been reported to be Rs 18 crore. At the same time, the number of e-commerce has also increased by 41 percent. It has been reported to be Rs 16.4 crore on year over year basis.

Spending with debit cards seems to be declining here. Year over year, point of sale transactions with debit cards have reduced by 30 percent. At the same time, the number of online transactions done with debit cards has also reduced considerably. A 41 percent decrease has been recorded in debit card online transactions.