Credit-card spends top Rs 1.3 lakh crore in India

Credit-card spends top Rs 1.3 lakh crore in India

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Pratik Bhakta

183 reads
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Pratik Bhakta

183 reads

RBI data confirms a surprising shift among Indian consumers: credit-card use is up, consistently outperforming debit cards. How are banks and fintechs pulling this off?

December 16, 2022

3 MINS READ

Debit cards, once the darling of Indian consumers, have slipped down the payments order, looking increasingly like the unlucky middle child. Their credit siblings are outperforming them in a surprising shift in a post-Covid market.

Banks are pushing more credit cards than ever before, and fintech startups involved in distribution are also helping popularise the mode, typically used for large purchases. The October transaction data for the past three years, as shared by the Reserve Bank of India, shows the upward trajectory.

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