According to the latest data released by the Reserve Bank of India (RBI), Credit card spends surged 27 percent year-on-year to Rs18.26 trillion in financial year 2023-24.
Banking & Finance
According to the latest data released by the Reserve Bank of India (RBI), Credit card spends surged 27 percent year-on-year (Y-o-Y) to Rs18.26 trillion in financial year 2023-24 (FY24) from nearly Rs14 trillion in the year-ago period. In March 2024, credit card spends rose nearly 10.07 percent to Rs 1.64 trillion from Rs 1.49 trillion in February. Of the total Rs 1.64 trillion credit card transactions, point of sale (PoS) in the country rose to Rs 60,378 crore in March from Rs 54,431.48 crore in February. Meanwhile, e-commerce payments inched up to Rs 1.05 trillion from Rs 95,000 crore.
Among the top card players, use of HDFC Bank’s credit card was at Rs 43,471.29 crore in March, 8.57 percent higher than Rs 40,288.51 crore in February 2024.
Similarly, Axis Bank posted 8.05 percent growth in transactions to Rs 18,941.31 crore in March from Rs 17,528.97 crore in February 2024.
Meanwhile, spend on ICICI Bank's credit card rose 14.49 percent to Rs 30,733.11 crore in March from Rs 26,843.03 crore in February 2024.
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