look news india
In October, credit card holders made huge purchases using credit cards. Lakhs of crores of rupees were spent on credit cards in this festive month. This amount is much higher than the same period last year. On the other hand, the number of new credit cards issued has declined. A decrease of 45 percent was recorded on an annual basis.
According to a report, 7.8 lakh new credit cards were issued in October, while 1.6 lakh new credit cards were issued in the same period last year. Issuance of new credit cards on a monthly basis has also reduced. According to the report, the number of new credit cards has decreased by 33 percent monthly and 45 percent annually.
spent such a huge amount
According to the report, credit card holders spent Rs 1.78 lakh crore through credit cards in October. There has been an increase of 13 percent annually. If we talk about transaction volume, the expenditure during the month increased by 35.4 percent to Rs. 433 lakh crores.
Rs 1.76 lakh crore spent in September
In September, credit card users spent Rs 1.76 lakh crore through credit cards. The maximum amount was spent on online shopping. Credit card users can save up to Rs. 1.15 lakh crores were spent. This was about 65% of the total expenditure in September.
E-commerce share declined
According to the report, the share of e-commerce in total spending value declined from 65 percent in September 2024 to 61 percent in October 2024. While PoS transactions have increased to 39 percent from 35 percent last month. If we look at the total transactions, PoS transactions remain at the forefront. This means that customers used credit cards more at POS. POS transactions now account for about 51 percent of total credit card transactions. That means more than half of the total credit card transactions happened through PoS.