Credit card spending grows 27% YoY to Rs 18.26 trillion in FY24: RBI
Mumbai: Credit card spending increased by 27% year-on-year to Rs 18.26 trillion in the financial year 2023-24 (FY24), up from around Rs 14 trillion in the previous year, according to the latest data from RBI.
In March 2024, credit card spending saw a growth of nearly 10.07% to Rs 1.64 trillion compared to Rs 1.49 trillion in February.
This increase was on account of the end of the financial year and festival sales during March.
Out of the total credit card transactions amounting to Rs 1.64 trillion, point of sale (PoS) transactions in the country increased to Rs 60,378 crore in March, up from Rs 54,431.48 crore in February. Additionally, e-commerce payments rose slightly to Rs 1.05 trillion from Rs 95,000 crore.
Among the leading card issuers, HDFC Bank's credit card usage reached Rs 43,471.29 crore in March, marking an increase of 8.57% compared to Rs 40,288.51 crore in February.
Axis Bank recorded an 8.05% growth in transactions, reaching Rs 18,941.31 crore in March compared to Rs 17,528.97 crore in February. On the other hand, spending on ICICI Bank's credit cards increased by 14.49% to Rs 30,733.11 crore in March from Rs 26,843.03 crore in February.
Further, SBI Card saw a 7.32% increase in transactions, reaching Rs 24,949.17 crore.
The total number of credit cards issued by banks in India reached 101 million in March 2024, up from 100.60 million at the end of February 2024.
HDFC Bank leads in credit card issuances, with 20.59 million cards in circulation.
Other significant players include SBI Card with 18.89 million cards, ICICI Bank with 16.95 million, and Axis Bank with 14.21 million cards.
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