New India, Spending High 1.37 Trillion on credit cards!!

Business Standard cites data from the Reserve Bank of India to support its claim that in March 2023, credit card spending in India reached an all-time high of 1.37 trillion. This is a 47.2% increment contrasted with a similar period last year.

According to the data, e-commerce channels accounted for nearly 63% of all credit card spending, while point-of-sale terminals accounted for the remaining portion.

What causes this trend? According to Senior Economist Bibekananda Panda of the State Bank of India, discretionary spending on vacation, travel, entertainment, and consumer durables has led to an increase in credit card use.

The report adds that HDFC Bank remains India's largest credit card issuer, followed by Axis Bank and ICICI Bank. Co-branded credit cards like Amazon-ICICI and Flipkart-Axis have also contributed to the expansion of the credit card industry, as stated in a previous article published by The Economic Times.

Source :

ATMCARDSMARCH2326696F4AA2574B6FBA44619F2E06D710

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