New Delhi, July 04, 2024.
Credit card use is rising rapidly in the country if the customer spends through this route are any indication. The value of credit card transactions tripled in the last three years to Rs 18.31 lakh crore during the year ended March 2024 from Rs 6.30 lakh crore in March 2021 with the economy coming out of the problems created by the Covid pandemic and consumer confidence increasing steadily over the last several quarters.
The value of credit card transactions rose from Rs 6.30 lakh crore to Rs 9.71 lakh crore during the year ended March 2022 and Rs 14.32 lakh crore as of March 2023, according to Reserve Bank of India data. The monthly spends by card users are now above Rs 1.50 lakh crore and remained at Rs 164,459 crore in the month of March this year. It was Rs 72,319 crore in March 2021.
The number of credit cards issued by banks also rose rapidly to 10.18 crore as of March 2024 from 8.53 crore in March 2023, 7.36 crore in March 2022 and 6.20 crore in March 2021, RBI data shows.
