- By Aditya Pratap Singh
- Thu, 25 Apr 2024 02:13 PM (IST)
- Source:JND
Credit Card Spends In March 2024: Online credit card spending crossed the record of Rs 1 lakh crore for the first time in March 2024. Online card spending rose to Rs 1,04,081 crore, up by nearly 20 percent from Rs 86,390 crore in March 2023, and by 10 percent from Rs 94,774 crore in February 2024. Offline transactions (through point-of-sale machines) stood at Rs 60,378 crore in March, up by 19 percent from Rs 50,920 crore in the same month a year ago. Total credit card spending in March 2024 stood at Rs 1,64,586 crore, up by 20 percent from Rs 1,37,310 crore in the same month a year ago.
The number of credit cards in the country, which crossed the 10 crore mark for the first time in February, rose to 10. 2 Crore at the end of March, up by 20 percent from 85 lakh a year ago.
At the end of the financial year, HDFC Bank had a market share of 20.2 percent, followed by SBI, which has 18.5 percent market share, ICICI Bank has16.6 percent, Axis Bank has 14 percent, and Kotak Mahindra Bank has 5.8 percent market share. as per data The top 10 card issuers had 90 percent of the credit card market share.
Also Read: Axis Bank Surpasses Kotak Mahindra Bank To Become India's Fourth-Largest Lender By Market-Cap
The increase in card penetration has led to an increase in transaction volumes. Online payments grew by 33 percent to 16.4 crores in March 2024, while Point-of-sale transactions grew by 28 percent year-on-year to 18 crores. The increase in value in transaction volume suggests that customers are increasingly using cards for low-value payments.
The bankers are anticipating, that as card transactions become possible on the UPI network, the average value of transactions is likely to decline further.
Debit card transactions decline
In the meantime, the popularity of UPI transactions has been adversely affected by a sharp decline in debit card payments. Debit card transactions fell by 30 percent to 116 million in stores and online transactions fell by 41 percent to 43 million in March 2024. In value terms, debit card transactions declined by 17 percent to Rs 29,309 crore and 16 percent to Rs 15,213 crore, respectively.
