Credit card spending online was nearly Rs 30,000 crore more than what was done through swipes at Points of Sale in March, reflecting the increased preference of people for e-commerce purchases.
The latest Reserve Bank of India (RBI) data shows that 7.3 crore credit card holders spent around Rs 68,327 crore for online purchases, while the amount spent through swipes at Point of Sale (PoS) machines stood at Rs 38,377 crore in March.
Online Credit Card transactions stand at 11 crore
For the first time, RBI has provided separate data on spending through online versus PoS payments. In terms of the number of transactions, credit card transactions were marginally lower at 11 crore online as compared to 11.1 crore offline or PoS machines.
Cardholders spent over Rs 1 lakh crore through online P &oS
The trend also indicates that cardholders are making higher value transactions online on an average than through offline means. Overall, credit card spending in March stood at over Rs 1 lakh crore. In terms of value, cardholders spent Rs 1,07,100 crore through online and PoS spending.
Cash withdrawal through credit cards stands Rs 343.71 crore
As far as credit card cash withdrawal is concerned, as per the data, it stood at Rs 343.71 crore during the month. Credit card cash withdrawals are close to 1 per cent, which shows the maximum spending through credit cards goes into buying products online. Further, over 19 lakh credit cards were added in March, the highest for a month in FY22, taking the total number to 7.36 crore at the end of the financial year.
Top Credit Card issuer in India
HDFC Bank had the highest number of credit cards at 1.67 crore in March, though the lender faced restrictions on issuing new credit cards. The ban on HDFC Bank was partially lifted in August last year and completely in March this year. In terms of credit cards, HDFC Bank was followed by State Bank of India (1.37 cr) and ICICI Bank (1.29 cr) at the end of March 2022.
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