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Credit Card spending in FY24 increased to Rs 18.26 trillion


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According to the latest data released by the Reserve Bank of India (RBI), credit card spending in the financial year 2023-24 (FY24) surged by 27 percent year-on-year (Y-o-Y), reaching Rs 18.26 trillion, compared to nearly Rs 14 trillion in the previous year. In March 2024, credit card spending rose by approximately 10.07 percent, amounting to Rs 1.64 trillion, up from Rs 1.49 trillion in February. This increase can be attributed to the financial year close and the festival sales that took place in March.

Out of the total Rs 1.64 trillion credit card transactions in March, point of sale (PoS) transactions in the country increased to Rs 60,378 crore, up from Rs 54,431.48 crore in February. Additionally, e-commerce payments slightly rose to Rs 1.05 trillion, compared to Rs 95,000 crore.

Among the top credit card players, HDFC Bank’s credit card usage in March amounted to Rs 43,471.29 crore, marking an 8.57 percent increase from Rs 40,288.51 crore in February. Similarly, Axis Bank witnessed an 8.05 percent growth in transactions, reaching Rs 18,941.31 crore in March from Rs 17,528.97 crore in February. In addition, spending on ICICI Bank’s credit card rose by 14.49 percent to Rs 30,733.11 crore in March from Rs 26,843.03 crore in February.

SBI Card’s transactions also grew by 7.32 percent, amounting to Rs 24,949.17 crore. The total number of credit cards issued by banks in India increased to 101 million in March 2024, compared to 100.60 million at the end of February 2024. HDFC Bank leads in credit card issuances with 20.59 million cards in circulation. Other major players include SBI Card with 18.89 million cards, ICICI Bank with 16.95 million cards, and Axis Bank with 14.21 million cards.

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