Credit card spending among Indians rises 2.67% to Rs 1.48 trn in August

Credit card spending among Indians rose 2.67 percent to a new high of Rs 1.48 trillion, compared to Rs 1.45 trillion in July 2023, supported by a healthy increase in Point of Sale (POS) and e-commerce payments.

Transactions at PoS rose nearly 6.7 percent to Rs 52,961 crore, while e-commerce payments jumped to Rs 95,641 crore.

Among banks, credit card company HDFC Bank’s transactions fell 0.1 per cent to Rs 39,371 crore from Rs 39,403 crore in the previous month.

ICICI Bank posted a nearly 3 percent increase in transactions to Rs 26,606 crore, while Axis Bank posted a 0.5 percent increase to Rs 17,752 crore.

Public sector major SBI Cards posted nearly 6 percent growth in transactions to Rs 27,414 crore, compared to Rs 25,966 crore in the previous month.

Meanwhile, the domestic banking sector saw an increase of 1.41 million credit cards to 91.28 million in August, compared to 89.87 million in July.

HDFC Bank maintained its leading position with 18.53 million cards, slightly lower than the 18.54 million cards in the previous month.

Meanwhile, SBI Cards stood at 17.78 million, ICICI Bank at 15.30 million and Axis Bank at 12.96 million.