Credit Card spending rises up to 47% year-on-year to 14 trillion in FY23 majority of these transactions include e-commerce as per the data by RBI.
In March, credit card spends witness an all-time high of Rs 1.37 trillion with customers increasingly using cards for both discretionary and non-discretionary expenditures. The total spending surpassed Rs 1 trillion marks for almost the 13th Straight month in March. Out of those 63% of overall transactions include e-commerce expenditure.
Around 11.67 million cards were added in the financial year (2022-2023) slightly higher than the previous year. Outstanding credit cards stood a lot higher at 8.5 crores as on March 31 than at 8.3 crores as on February 28.
Among large players in the market, Axis Bank saw a 54% month-on-month spending in March followed by ICICI with an increase of more than 20%. HDFC’s Bank spending rose 14% m-o-m and those of SBI payment services rose to 11%.
If we talk about statistics, Axis Bank’s outstanding credit cards rose to 12.3 million from 12 million in February. The expansion of the credit card base was aided by the bank acquisition of Citi Bank’s Credit card portfolio.
SBI Card’s Outstanding credit cards rose to 16.8 million as on March 31 from 16.5 million as on February 28, while those of HDFC rose to 17.5 million from 17.3 million.