News

Credit cards usage on the rise in India

Tuesday 25 June 2019 11:22 CET | News

Indian consumers have showed their preference for credit cards, with 47.99 million credit cards in operation in April 2019, according to the Reserve Bank of India.

At the same time, the number of debit cards has declined to 884.78 million, a reduction of 39.8 million existing cardholders. Between April 2018 and April 2019, India added some 10.2 million credit cards and lost over 21 million debit cards.

Card usage spiked during the months following demonetisation, when the unavailability of cash forced people to use cards. The number of transactions using credit cards at POS terminals or swipe machines grew by 26.2% year-on-year, while it increased by 22.1% for debit cards since April 2018.

In April 2019, the total number of POS transactions through credit cards was 166.9 million, while the figure for debit cards was 407.6 million. At POS terminals, the average amount per transaction using credit cards has increased slightly between April 2018 and April 2019. For debit cards, it declined during the same period.


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: India, credit card, debit card, Reserve Bank of India, cardholder, demonetisation, POS
Categories:
Countries: World