Indians are increasingly swiping their credit cards, with total spending reaching a record Rs 1.64 lakh crore in March 2024. This marks a 20% jump from Rs 1.37 lakh crore a year ago.
Online Spends Boom: Online transactions crossed Rs 1 lakh crore for the first time, rising 20% year-on-year to Rs 1.04 lakh crore.
Offline Spending Up: Offline spending via point-of-sale machines also grew 19% to Rs 60,378 crore.
More Cards, More Swipes: The number of credit cards issued in India surged 20% to 10.2 crore, with HDFC Bank leading the market share (20.2%).
This surge is attributed to factors like increased card penetration and the convenience of UPI-linked card transactions. However, the rise of UPI has impacted debit card usage, with transactions witnessing a sharp decline.
