Credit Card Spending in January 2023: Credit cards are being used fiercely in India. For the 11th consecutive month i.e. in January 2023 also, the amount spent through credit card has crossed Rs 1 lakh crore. In this, people have spent maximum money on e-commerce website for things like shopping (Credit Card Spending on Shopping) and traveling. According to the data released by the Reserve Bank, in January 2023, people have spent Rs 1.27 lakh crore through credit cards. At the same time, the total expenditure in December was Rs 1.23 lakh crore. In such a situation, a slight increase has been registered in this expenditure in January. At the same time, this expenditure has increased by 45 percent in January as compared to last year.
Credit cards are increasingly being used for shopping in e-commerce
According to RBI data, people are using credit cards the most on e-commerce websites. In January, more than 60 per cent of the total credit card spending was spent by customers for shopping on e-commerce websites. And the rest of the expenses have been done through Point of Sale (POS). Through credit cards, people are spending a lot of money on traveling like flight booking, hotel booking etc. The travel tourism industry had to suffer huge losses due to the Corona epidemic, but now a huge growth is being registered in it. In such a situation, apart from e-commerce shopping, people are spending maximum money on travel.
Marginal increase in credit card spends recorded this month
Most credit cards in the country are issued by SBI Card, Axis Bank and ICICI Bank. A slight increase has been registered in the amount spent by the total credit cards of these three banks. At the same time, HDFC Bank (HDFC Bank Credit Card), which has issued the highest number of credit cards in the country, is registering a decline of 1.29 percent in its total expenses.
read this also-