look news india
Credit card expenses: The use of credit cards is increasing rapidly in the country. People are making more and more payments through credit cards to take advantage of the cashback and offers available through them. In July, people spent about 19 percent more money through credit cards.
People have spent around Rs 1.7 lakh crore through credit cards. According to a report, transactions have increased by 39 per cent year-on-year to 38.4 crore in July 2024.
According to a report by SBI Securities, HDFC, ICICI and SBI Card are among the top 3.
People's trust in credit cards has strengthened. Payments through credit cards have been made simple. On a year-on-year basis, not only have the transactions increased in July 2024, but the amount spent through them has also increased. The report claims that most transactions are done through HDFC Bank credit cards.
HDFC Bank credit card users made 9.9 crore transactions in July 2024. Private sector ICICI Bank is followed by ICICI Bank in second place. The credit card customers of this bank have made 7.1 crore transactions. SBI Card got third place with 6.3 crore transactions.
Average transaction value also increased
HDFC Bank users spent Rs 44,369 crore in July. At the same time, ICICI Bank users spent Rs 34,566 crore and SBI users spent Rs 26,878 crore through credit cards. The average transaction value has also increased by 1.4 percent on a monthly basis during July 2024.
The report says that after some time of calm, people have again started spending large amounts through credit cards. In such a situation, despite the success of UPI, the future of credit cards in India looks bright.