Credit Card Transactions Up 30%

11 August 2011 - Which Way to Pay

Credit Card Transactions Up 30%

 Credit card transactions this June increased 29.8% on the same month last year translating to a value of Rs 7,191.11 crore. In June 2010, data from the Reserve Bank of India recorded a significantly smaller amount of Rs 5,538.75 crore in credit card transactions.

Despite these figures, the actual number of credit cards in circulation has declined by over 6.7% to 1.76 crore as of June 30, 2011, from 1.89 crore at the end of the same period last year.

The data shows that credit card transactions during the first quarter stood at Rs 22,127.50 crore, a jump of 30.5% from the Rs 16,947.87 crore in the first three months of 2010-11.

Debit card transactions have followed a similar trend as transactions were up 45.6% on June last year with the latest statistic being Rs 3,783.88 crore as supposed to 2,597.49 crore in 2010. However, unlike credit cards, there are more debit cards in circulation than in previous years. As such the data reveals a continuation of the growth observed in the last fiscal.

In 2010-11, transactions through credit cards in the country went up by 22.15 per cent to touch Rs 75,515.68 crore in value terms.