look news india
The number of credit cards in India can reach 20 crores by 2028-29. The number of credit cards is increasing at the rate of 15 percent annually. This report has been released by PwC, according to which the credit card industry has seen tremendous growth. If we talk about only the last 5 years, the number of credit cards has doubled. According to the report, this trend is expected to continue in the coming days.
The number of credit card issuances has increased and transactions in the credit card industry are also growing rapidly. The transaction volume has increased by about 22 percent. If we look at the transaction value, this growth has reached 28 percent.
An important point made in this report is that the use of debit cards has declined. Debit card transactions have fallen in both volume and value, which reflects the preference of customers. In the financial year 2023-24, the volume of transactions done through debit cards has declined by 33 percent. At the same time, expenditure through debit cards has come down by about 18 percent on a year-on-year basis.
One of the major reasons for the decrease in transactions through debit cards is the popularity of UPI. It is very easy for people to use it and now UPI has become quite popular in small and big shops as well. Another major reason for its popularity is that the Merchant Discount Rate (MDR) in it is zero. That is, the seller does not have to pay any money.
