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Credit card spends touch all-time high of Rs 1.37 trillion in March


Credit card spends touched an all-time high of Rs 1.37 trillion in March 2023, driven by discretionary spends, the latest Reserve Bank of India (RBI) data showed. It’s for the 13th consecutive month that credit card spends have topped the Rs 1-trillion mark, reflecting the increase in consumer spending since the easing of the Covid pandemic.

For 2022-23, credit card spending topped Rs 14 trillion, up 47.27 per cent from Rs 9.71 trillion in FY22.


The banking industry added about 1.93 million credit cards in March, taking the outstanding credit card base to 85.3 million cards. The net credit card additions in March were a bit higher than 1.2–1.5 million cards that were being added every month last financial year. In FY23, around net 11.67 million cards were added -- a marginal rise from the 11.15 million additions in FY22.


According to the latest data, almost 63 per cent of credit card spending, or a little over Rs 86,000 crore took place via e-commerce, while the rest was through point of sale (PoS) terminals. Spends in March recorded a 28 per cent jump year-on-year (YoY) and a 15 per cent increase month-on-month (MoM).

The March figure topped the previous record of Rs 1.29 trillion, set in October 2022 amid the festival season.

Read More at https://www.business-standard.com/finance/news/credit-card-spends-touch-all-time-high-of-rs-1-37-trln-in-march-123041400814_1.html

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