Credit Card spending surged in March 2024

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Credit Card spending surged in March 2024
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Credit Card spending surged by 20% year-on-year (YoY) by March, reaching a total of Rs 1.64 lakh crore. Both online and offline spending saw significant growth, with online spending hitting a record Rs 1 lakh crore, up by 20% YoY, and offline transactions reaching Rs 60,378 crore, up by 19% YoY.

Credit Card spending surged in March 2024

The number of credit cards in circulation also rose by 20% YoY to 10.2 crore, marking the first time it crossed 10 crore.

The increase in credit card usage is attributed to higher volumes of low-value transactions by customers, leading to a 28% YoY growth in point-of-sale transactions and a 41% YoY growth in e-commerce transactions.

Notably, debit card transactions experienced a 30% YoY decline at the point of sale and a 41% YoY decline in online transactions during the same period.