Credit card transactions soared 11% to US$ 111.4 billion (Rs. 9.30 trillion) between June-Dec 2023: Report

Amid India's digital revolution, credit card transactions rank second to UPI payments, while debit card usage remains sluggish. Worldline reported an 11% increase in credit card transactions between June and December 2023, totalling 1.78 billion, whereas debit card transactions plummeted by 34%, reaching 1.15 billion.

Credit card payments amounted to US$ 111.4 billion (Rs. 9.30 trillion), marking an 11% rise from H2 2022, contrasting with a 16% decline in debit card transactions to US$ 36.2 billion (Rs. 3.02 trillion). Despite UPI's dominance, credit card spending surged due to increased consumption of higher-value goods. Additionally, December 2023 saw 97.9 million credit cards and 960.8 million debit cards issued, with UPI transactions and mobile payments experiencing substantial growth.

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