Thursday, September 28, 2023

Home Business The trend of payment through credit card is increasing rapidly, transactions worth a record Rs 1.5 lakh crore done in a month.

The trend of payment through credit card is increasing rapidly, transactions worth a record Rs 1.5 lakh crore done in a month.

Newztezz Online September 28, 2023 Business,

Spending through credit cards reached an all-time high in August. Indians are shopping by borrowing from credit cards. The result of which is that the credit card expenditure in August has increased to Rs 1.5 lakh crore.

The trend of credit cards is increasing rapidly in India. From shopping to rent, people are paying EMI through credit cards. The result of which is that record transactions have taken place through credit cards in the month of August. In one month, people of India have made transactions worth Rs 1.5 lakh crore through credit cards. There is a strong increase in Point of Sale i.e. POS and e-commerce payments through credit cards. Credit card spending among Indians in the month of August was Rs 1.45 lakh crore in July 2023, which has increased by 2.67 percent in August to reach an all-time high of Rs 1.48 lakh crore.This much transaction is done

According to the data of Reserve Bank of India, customer payments through PoS i.e. Point of Sale increased by about 6.7 percent to Rs 52,961 crore while e-commerce payments increased to Rs 95,641 crore. This means that Indians have done a lot of shopping in the month of August. At the same time, HDFC Bank's credit card transactions in August decreased by 0.1 percent to Rs. 39,371 crore in August from Rs. 39,403 crore in the previous month.

At the same time, ICICI Bank has registered an increase of about 3 percent in transactions to Rs 26,606 crore as compared to last month. Whereas Axis Bank, which gives attractive offers to the people, has registered an increase of 0.5 percent to Rs 17,752 crore.

so many credit cards

The domestic banking industry saw an increase of 14.1 lakh credit cards in August. In July, 8.987 crore credit cards were issued, which increased to 9.128 crore in August. HDFC Bank is on top in this matter. HDFC bank has distributed a total of 1.853 crore credit cards. However, as of last month, the bank had distributed 1.854 crore cards.

At the same time, SBI Cards has distributed 1.778 crore credit cards, ICICI Bank has distributed 1.530 crore credit cards and Axis Bank has distributed 1.296 crore credit cards.