Credit card spends hit record of 1 lakh crore transaction in March rises by 20 percent know details

Credit Card Transaction: The trend of credit cards is increasing rapidly in India. In March 2024, the figure of online spending through credit cards has crossed Rs 1 lakh crore for the first time. This month, online credit card spending has increased by 20 percent i.e. more than Rs 86,390 crore from March 2023. Whereas compared to February 2024, an increase of Rs 84,774 crore i.e. 10 percent has been recorded in credit card expenditure. The total credit card expenditure in March was Rs 1.64 lakh crore.

Number of credit cards increased-

At the same time, an increase of 19 percent has been recorded in credit card spending through offline point of sale machines and it has increased from Rs 50,920 crore to Rs 60,378 crore in March 2023. The total number of credit cards in the country has also increased. For the first time in February 2024, the number of credit cards in the country crossed 10 crore and in March 2024 it increased to Rs 10.20 crore. The total number of credit cards in March last year was 8.50 crore. In such a situation, an increase of 20 percent has been recorded in the number of credit cards.

This bank's credit card has the highest market share

Till the March quarter of the last financial year, HDFC Bank had the highest number of credit card users. Its market share was 20.2 percent. SBI's name is at second place in this list. The number of credit card users of public sector bank SBI is 18.5 percent. Whereas the market share of ICICI Bank's credit card is 16.60 percent. At fourth place is Axis Bank whose market share is 14 percent and Kotak Mahindra Bank's market share is 5.80 percent. It is worth noting that the top 10 credit card issuing banks of the country have a total market share of 90 percent.

Decreasing craze of debit card

Amidst the increasing transactions of credit cards and UPI in India, there has been a huge decline in transactions through debit cards in the country. There has been a 30 percent decline in transactions through debit cards in March 2024. A total of 11.60 crore debit card transactions have been done in stores in March 2024. A total of 4.30 crore debit card transactions have been done online. In March, the value of transactions through debit cards in shops decreased by 17 percent to Rs 29,309 crore and online transactions decreased by 16 percent to Rs 15,213 crore.

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