credit card spends reach rs 1.64 lakh crore in march records 20 percent YoY growth

There has been a huge increase in the expenditure made through credit cards this year. The percentage of spending done through credit cards has increased by 20% on a year over year (YoY) basis in March. Similarly, offline spending has also increased by 19 percent on year over year basis. HDFC Bank is the largest bank in the financial market in terms of issuing credit cards. Its market share is 20.20 percent.

After HDFC Bank, the other two largest banks issuing credit cards are State Bank of India (SBI) and ICICI Bank. State Bank of India (SBI) is at second place while ICICI Bank is at third place. Total credit card spend in March on year over year basis was Rs 1.64 lakh crore (via) It has been told. In this, online credit card spending has been said to be more than Rs 1 lakh crore, in which 20 percent year over year increase has been recorded. In March itself, there was a 19 percent increase in offline transactions on year over year basis. This expenditure is said to be Rs 60,378 crore.

The number of credit cards issued till March has recorded 20 percent YoY growth. The total number of credit cards issued in March was said to be 10.2 crore. With this surge, the total number of credit cards reached 10 crore for the first time in March. Here the reasons for increase in credit card expenses are also explained.

The biggest reason is that customers have now started doing more low value transactions due to which the volume of credit cards has increased. Along with this, the quantity of Point of Sale (POS) has also increased. There has been an increase of 28 percent year over year. This growth is said to be Rs 18 crore. Then the number of e-commerce has also increased by 41 percent. This is reported to be Rs 16.4 crore on year over year basis.

Spending with debit cards seems to be decreasing here. Point of sale transactions with debit cards have declined 30 percent year over year. At the same time, the number of online transactions done through debit cards has also decreased significantly. There has been a 41 percent decline in debit card online transactions.