Credit cards are being used heavily in the country, spending through cards increased by 47 percent in FY 2023

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Credit cards are being used heavily in the country, spending through cards increased by 47 percent in FY 2023

Credit Card Spend: Credit cards are being used extensively in the country and the craze to make purchases through this card has increased among people. This has come to the fore from the data released by the Reserve Bank of India, in which it has been found that the trend of purchases, payments etc. through credit cards has increased in India. The data released by RBI has shown that in the financial year 2023, the expenditure through credit card has increased by 47 percent on year-on-year basis. It has increased by 47 percent to Rs 14 trillion. This increase has been mainly seen through e-commerce and point of sale transactions.

Historical figure touched in March

In March 2023, credit card expenses achieved their all-time high level and in this month, the expenditure through credit card had reached Rs 1.37 trillion. Customers used credit cards extensively for both essential and non-essential expenses. March was the 13th consecutive month when credit card spending crossed the $1 trillion mark. E-commerce platforms also accounted for 63 per cent of the total credit card spends in March.

The number of outstanding credit cards also increased

In the financial year 2022-23, 1.167 crore credit cards were newly added, which is slightly more than the 1.115 crore credit cards given in the financial year 2021-22. Talking about the outstanding credit cards, it stood at 8.5 crore as on March 31 as against 8.3 crore as on February 28.

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