look news india
The report also found a significant increase in transaction volumes. It grew 39% year-on-year to a total of 384 million transactions in July 2024. This increase in the number of transactions reflects the widespread popularity of credit cards as the preferred payment method among Indian users. “Credit card spend in India grew 19% year-on-year to Rs 1.7 trillion in July 2024. Transaction volume in July was 38.4 crore, representing a growth of 39% year-on-year,” the report said.
HDFC Bank tops the list in terms of transaction volume
The report said that HDFC Bank topped the list of banks in terms of transaction volume with its credit card facilitating 9.9 crore transactions during the month. ICICI Bank was second with 7.1 crore transactions while SBI was third with 6.3 crore transactions.
HDFC Bank tops the list in terms of transaction value
HDFC Bank again topped the list in terms of transaction value, with a total of Rs 44,369 crore spent through its credit cards in July. It was followed by ICICI Bank and SBI credit cards with Rs 34,566 crore and Rs 26,878 crore respectively. “In July 2024, the volume of transactions through cards issued by HDFC Bank (9.9 crore) led the way, followed by ICICI Bank (7.1 crore) and SBI (6.3 crore),” the report said.
ATVs on the rise too
Additionally, the average transaction value (ATV) also witnessed a marginal increase of 1.4% month-on-month in July 2024. This is the first increase in ATV in ten months, indicating a shift in consumer behaviour towards higher-value transactions after a period of stagnation.