The Maths behind the rise in credit card transactions in India2 min read 14 Jun 2023, 12:57 PM IST
Credit card transactions have surpassed debit card usage in India, with credit card use overtaking debit card use in April 2023, according to data from the Reserve Bank of India
Rise in credit card transactions in India: After the Unified Payments Interface (UPI), now credit card transactions have surpassed debit card usage in India. Recent data from the Reserve Bank of India showed a significant rise in credit card transactions. Credit card use has overtaken debit card use in April of this year, with 25 crore merchant card transactions compared to 22 crore in April of last year. When compared to debit cards, credit card transactions had a total value of ₹1.33 lakh crore as opposed to ₹53,000 crore. These include purchases from e-commerce and physical outlets.