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Credit Card Spend: Credit cards are being used extensively in the country and the craze for shopping through this card has increased among people. This has come to light from the data released by the Reserve Bank of India (RBI), in which it has been found that the trend of purchases, payments etc. through credit cards has increased in India. The data released by RBI has shown that in the financial year 2023, the expenditure through credit card has increased by 47 percent on year-on-year basis. It has increased by 47 percent to Rs 14 trillion. This increase has been mainly seen through e-commerce and point of sale transactions. This figure of 14 trillion rupees card expenditure seems very surprising.
Historical figure touched in March
In March 2023, credit card expenses achieved their all-time high level and in this month, the expenditure through credit card had reached Rs 1.37 trillion. Customers used credit cards extensively for both essential and non-essential expenses. March was the 13th consecutive month when credit card spending crossed the $1 trillion mark. E-commerce platforms also accounted for 63 per cent of the total credit card spends in March.
The number of outstanding credit cards also increased
In the financial year 2022-23, 1.167 crore credit cards were newly added, which is slightly more than the 1.115 crore credit cards given in the financial year 2021-22. Talking about the outstanding credit cards, it stood at 8.5 crore as on March 31 as against 8.3 crore as on February 28.
Know the credit card spending data of banks
among the big players Axis Bank Credit card spends have shown a month-on-month increase of 54 per cent in March.
ICICI Bank The credit card expenses of March were showing an increase of 20 percent in March 2023 as compared to February.
HDFC bank K’s credit card expenses have increased by 14 per cent in March 2023 as compared to the previous month.
SBI Card And Payment Services This figure was on an increase of 11 percent in March.
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