“Credit card spending exceeds Rs 1.13L cr in May”

Mumbai: Credit card spending crossed Rs 1.13 lakh crore in May from Rs 1.05 lakh crore in the previous month according to official data.

The month-over-month increase in card spending points to a pick-up in economic activity.

Latest data from the Reserve Bank of India (RBI) showed that 7.68 crore of credit card holders spent around Rs 71,429 crore to shop online, while the amount was spent by swiping at outlets (PoS) stood at Rs 42,266 crore in May.

In terms of number of transactions, credit card payments were slightly lower online at 11.5 crore compared to 12.2 crore offline or on PoS machines. The trend also indicates that cardholders on average are making higher value transactions online than through offline means.

Credit card holders spent Rs 65,652 crore shopping online, while the amount spent through Point of Sale (PoS) machines was Rs 39,806 crore in April. As for the debit card, spending via PoS and online together was Rs 65,957 crore during the month.

Spending via PoS was Rs 44,305 crore compared to e-commerce spending of Rs 21,104 crore via debit card in May.

During the month, there was an addition of around 20 lakh credit cards. The card number was 7.51 crores in April. HDFC Bank had the highest number of credit cards at 1.72 crore in May as the RBI lifted the ban on issuing new credit cards in March.

In terms of credit cards, HDFC Bank was followed by State Bank of India (1.41 crore) and ICICI Bank (1.33 crore) at the end of May 2022.

The RBI had imposed a ban on HDFC Bank in December 2020, asking the lender to halt all launches of its upcoming digital business and seek new credit card customers after repeated outages at its data center , which had an impact

operations.

About Shirley L. Kreger

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