Credit card usage surpassed Rs1.13 trillion in May

29 Jun 2022 , 10:20 AM

According to figures from the RBI, credit card expenditure in May exceeded Rs1.13 trillion, up from Rs1.05 trillion in April of this year. Increased card usage is a sign of increased economic activity.

The amount spent through swipes at Point of Sale (PoS) machines reached Rs42,266 crore in May, according to RBI statistics, while the amount was paid online by 7.68 lakh credit card holders was about Rs71,429 crore.

In terms of transactions, there were somewhat fewer credit card payments made online (11.5 crore against 12.2 crore using PoS machines or offline). Online purchases made by credit card users were Rs65,652 crore, while purchases made at physical Point of Sale (PoS) terminals totaled Rs39,806 crore in April. Additionally, the pattern shows that cardholders do more expensive purchases online than they do physically.

With regard to debit cards, the total amount spent throughout the month at the point of sale and online was Rs65,957 crore. In comparison to e-commerce purchases made in May using debit cards, which totaled Rs21,104 crore, expenditure through PoS was Rs44,305 crore.