This year in July, Indian consumers significantly increased their credit card spending. There is a 19% increase compared to the same month last year.
As per the SBI Securities report, the total credit card expenditures across the country reached an impressive ₹1.7 trillion. This notable increase reflects a growing reliance on credit cards for transactions, indicating broader economic trends and heightened consumer confidence.
Further, the report also highlighted a substantial 39% year-on-year increase in transaction volumes, reaching 38.4 crore transactions in July 2024. This rise underscores the widespread adoption and usage of credit cards among Indian consumers.
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Additionally, the average transaction value (ATV) saw a slight month-on-month increase of 1.4% in July 2024, marking the first rise in ATV in ten months.
Overall, these figures reflect the growth of credit card usage in India, driven by increased consumer confidence and the convenience of credit card transactions.
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Who Leads In Terms Of Transaction Value?
Meanwhile in terms of transaction value, HDFC Bank topped the list with ₹44,369 crore spent through its credit cards in July. Behind HDFC were ICICI Bank and SBI, whose transaction value respectively stood at ₹34,566 crore and ₹26,878 crore.
(With Inputs From ANI)
