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September sees decrease in credit card expenses following August's historic peak
November 01, 2023
In September, credit card spending in India dropped by 4.23% to Rs 1.42 lakh crore, down from the record high of Rs 1.48 lakh crore in August. This decline was evident among major credit card providers, except for IndusInd Bank. The top four issuers, including SBI and Axis Bank, experienced spending reductions between 2% to 9%, according to RBI data.
Notably, 65.3% of credit card spending went to e-commerce, a slight increase from the previous month’s 64.4%, while point-of-sale transactions decreased to 34.7% from August’s 35.6%.
Despite reduced spending, the number of credit cards in circulation hit a new high at 9.3 crore in September, surpassing August’s 9-crore milestone. Large private banks and public sector banks drove this growth, with ICICI Bank leading by adding 3.5 lakh cards, reaching a total of 1.56 crore cards. HDFC remained the largest card issuer with 1.88 crore cards, increasing by 3 lakh cards in September. Other issuers like IDFC First Bank, Kotak Mahindra Bank, and RBL Bank also reported significant card additions.
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