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Total credit card spends in March 2024 stood at Rs 1,64,586 crore up 20 per cent from Rs 1,37,310 crore during the same period a year ago read more
 "Number of credit card holders in India at record high; these listed banks have highest market share")
Source: News18
For the first time, online credit card spends surpassed the Rs 1 lakh crore in March 2024. It stood at a whopping Rs 1,04,081 crore, which was 20 per cent higher than about Rs 86,390 crore in March 2023.
Online credit card spends in March this year also rose 10 per cent from Rs 94,774 crore in February 2024.
Credit card offline spending
According to the latest data released by the Reserve Bank of India (RBI), offline transactions (through point-of-sale machines), in the month of March, was at Rs 60,378 crore, up 19 per cent from Rs 50,920 crore during the same period a year ago.
Total credit card spends in March 2024
The total credit card spends in March 2024 stood at Rs 1,64,586 crore, 20 per cent more from Rs 1,37,310 crore a year ago and around 11 per cent more from Rs 1.49 lakh crores in February this year.
Credit card spends in in FY24
In the financial year 2023-24 (FY24), credit card spends surged 27 per cent year-on-year Rs 18.26 lakh crore from nearly Rs 14 lakh crore in the year-ago period.
Why credit card spends witnessed a spike?
The rise in credit card spends in March 2024 saw a rise majorly due to the financial year close and festival sales during the month.
Number of credit cards in India at all time high
As per the data, the number of credit cards in the country, which crossed 10 crore for the first time in the month of February 2024, increased by 20 per cent at 10.2 crore in March. It was 8.5 crore more from a year ago.
Number of credit cards issued by banks
The total number of credit cards issued by banks across India has increased to 101 million in March 2024. It was 100.60 million at the end of February this year.
Top 5 credit card issuers
The following are the top five credit card issuers in India that hold 75 per cent of market share at the end of the fiscal year.
Bank Market Share (in %)
1 - HDFC Bank 20.2 per cent
2 - SBI 18.5 per cent
3 - ICICI Bank 16.6 per cent
4 - Axis Bank 14.0 per cent
5 - Kotak Mahindra Bank 5.8 per cent
The top 10 card-issuing banks had a 90 per cent market share of credit cards.
The increased card penetration has resulted in a surge in the volume of transactions.
In March 2024, point-of-sale transactions rose 28 per cent year-on-year to 18 crore in March, while online payments rose 33 per cent to 16.4 crore. Transaction volume outpacing growth in value indicates that customers are increasingly using cards for low-value payments.
Bankers believe that with card transactions made possible on UPI network, average value of transactions is expected to fall further.
UPI transactions impacting debit card payments
The popularity of UPI transactions has had a corollary impact, with a sharp decline in debit card payments.
Debit card transactions dropped 30 per cent in March 2024 to 11.6 crore in stores and 41 per cent in online transactions to 4.3 crore.
In value terms, debit card transactions were down 17 per cent to Rs 29,309 crore and 16 per cent to Rs 15,213 crore, respectively.
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