Indian Economy News

Credit card spending among Indians rose 2.67% to Rs. 1.48 trillion (US$ 17.78 billion) in August

  • IBEF
  • September 29, 2023

Credit card spending in India increased by 2.67% to a new high of Rs 1.48 trillion (US$ 17.78 billion) in August 2023, from Rs. 1.45 trillion (US$ 17.42 billion) in July 2023, driven by a robust increase in Point of Sale (POS) and e-commerce payments.

The value of PoS transactions climbed by approximately 6.7% to Rs. 52,961 crore (US$ 6.36 billion), while the number of e-commerce payments increased to 95,641 crore.

Among banks, HDFC Bank's credit card transactions fell by 0.1% to Rs. 39,371 crore (~US$ 4.73 billion) from Rs. 39,403 crore (~US$ 4.73 billion) the previous month. ICICI Bank increased transactions by nearly 3% to Rs. 26,606 crore (US$ 3.19 billion), while Axis Bank increased transactions by 0.5% to Rs. 17,752 crore (US$ 2.13 billion). SBI Cards reported a roughly 6% increase in transactions to Rs. 27,414 crore (US$ 3.29 billion) from Rs. 25,966 crore (US$ 3.11 billion) the previous month.

Meanwhile, the domestic banking industry increased credit card sales by 1.41 million in August, to 91.28 million from 89.87 million in July. HDFC Bank maintained its lead with 18.53 million cards, slightly less than the previous month's figure of 18.54 million cards. Meanwhile, SBI Cards had 17.78 million, ICICI Bank had 15.30 million, and Axis Bank had 12.96 million.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.