Credit cards in India to soon hit 100-million mark, RBI data reveals
10 months, 3 weeks ago

Credit cards in India to soon hit 100-million mark, RBI data reveals

Live Mint  

As of December 2023, there were 97.9 million outstanding credit cards, with a record 1.9 million additions during the month alone, the latest Reserve Bank of India data revealed. {{^adFree}} {{/adFree}} As of December 2023, there were 97.9 million outstanding credit cards, with a record 1.9 million additions during the month alone, the latest Reserve Bank of India data revealed. HDFC Bank leads Among the private sector players, HDFC Bank continued to lead with 19.81 million cards in circulation in December 2023, higher from 19.51 million in November. Transactions via HDFC Bank’s credit cards jumped to ~44,771.87 crore in December from ~42,049.32 crore in November.

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History of this topic

New credit card issuances plunge 50% in October to 7.8 lakh as against 16 lakh a year ago
2 weeks, 4 days ago

New credit card issuances plunge 50% in October to 7.8 lakh as against 16 lakh a year ago

New Indian Express  

MUMBAI: The credit card industry seeing a sharp 50% year-on-year decline in new card issuances to a meagre 7.8 lakh in October as against 16 lakh cards issued in the same month last year. In November 2023, the Reserve Bank, fearing a bubble build-up in the unsecured loans segment, which has been growing at three times the other loans for …

Mint Primer: Why are banks issuing fewer credit cards?
3 weeks, 5 days ago

Mint Primer: Why are banks issuing fewer credit cards?

Live Mint  

In October, banks added 0.79 million credit cards, compared with 1.69 million last October. HDFC Bank added the most, followed by State Bank of India, which issues credit cards through subsidiary SBI Card, and ICICI Bank. A banker in charge of credit cards said lenders have decided to go slow on credit card issuances as they look to enhance entry …

Credit Card Spends Rise Again in October
3 weeks, 6 days ago

Credit Card Spends Rise Again in October

Deccan Chronicle  

Mumbai: Fueled by deals offered during the festive season, credit card spends have risen in the last two months. Most of the spends were through online shopping using credit cards due to attractive discounts and deals offered by e-commerce platforms like Amazon and Flipkart during their festive season sales. Bankers said that around 80-85 per cent of the credit card …

New credit card issue declined by 45 per cent YoY in October: Report
3 weeks, 6 days ago

New credit card issue declined by 45 per cent YoY in October: Report

Live Mint  

New Delhi, November 26 : The credit card industry witnessed a sharp correction of 45 per cent year-on-year in October as the new credit card issue declined to 7.8 lakh from 16 lakh cards issued last year during the same month. According to a report by Anand Rathi, the credit card industry added 7.8 lakh new credit cards in October …

Credit Card Spending Soars 25% in September, Driven by Festive Demand
1 month, 3 weeks ago

Credit Card Spending Soars 25% in September, Driven by Festive Demand

ABP News  

Credit card spending surged by 25% in September, driven by increased festival demand and a favourable base effect. Experts attribute this growth to lower base in the previous year and the festival season. Some private banks have reported an increase in stress within the credit card and microfinance segments, but the growth rate of outstanding credit cards is slowing. The …

Banks rely on AI as digital transactions grow, and methodology of frauds evolves
7 months, 2 weeks ago

Banks rely on AI as digital transactions grow, and methodology of frauds evolves

Hindustan Times  

India’s digital transactions continue to see rapid growth, and that translates to big volumes. On April 24, the Reserve Bank of India barred Kotak Bank from issuing new credit cards for now, due to “the absence of a robust IT infrastructure and IT Risk Management framework.” It draws on a mix of factors, including reliability of the bank’s infrastructure alongside …

RBI asks Federal Bank, South Indian Bank to stop co-branded credit card issuance
9 months, 1 week ago

RBI asks Federal Bank, South Indian Bank to stop co-branded credit card issuance

Live Mint  

Mumbai: The Reserve Bank of India has asked Federal Bank and South Indian Bank to stop issuing new co-branded credit cards, marking a step towards increased regulatory scrutiny. Likewise, South Indian Bank also informed the stock exchanges that it will not enroll new customers for its co-branded products till regulatory requirements are complied with. On 7 March, RBI revised the …

Credit card dues at ₹ 2 trillion by April mark a milestone
1 year, 5 months ago

Credit card dues at ₹ 2 trillion by April mark a milestone

Live Mint  

Banks giving out credit cards have some good news. Credit card dues have risen at among the fastest rates among major loan segments in the last few years. View Full Image Mint User profile The leaderboard India has over 87.7 million credit cards across 34 scheduled commercial banks as of May 2023. Among the 13 banks with over a million …

The Maths behind the rise in credit card transactions in India
1 year, 6 months ago

The Maths behind the rise in credit card transactions in India

Live Mint  

Rise in credit card transactions in India: After the Unified Payments Interface, now credit card transactions have surpassed debit card usage in India. When compared to debit cards, credit card transactions had a total value of ₹1.33 lakh crore as opposed to ₹53,000 crore. Historically dominated by debit card transactions, the shift towards credit cards is driven by several factors, …

In May, UPI hits record 9 billion transactions worth ₹14 lakh crore. Top points
1 year, 6 months ago

In May, UPI hits record 9 billion transactions worth ₹14 lakh crore. Top points

Hindustan Times  

The Unified Payments Interface hit record 9 billion transactions in May, according to data released by the National Payments Corporation of India. Let's continue this journey of growth and innovation!” The overall value of the transactions in May stood at 14.89 lakh crore and saw an increase of 43% on year-over-year basis. The overall value of the transactions in May …

After high card additions in February, what are the triggers for SBI Card stock?
1 year, 8 months ago

After high card additions in February, what are the triggers for SBI Card stock?

Live Mint  

SBI Cards and Payment Services Ltd has been reporting steady growth in its credit cards outstanding instead of new card additions. According to data from the Reserve Bank of India, SBI Card saw the highest new credit card additions of around 300,000 in February. In terms of overall credit cards outstanding, SBI Card grew 2% sequentially in February while HDFC …

Keep an eye on these economic indicators in 2023
1 year, 11 months ago

Keep an eye on these economic indicators in 2023

Live Mint  

Global headwinds, tightening monetary policy and the lingering effects of the pandemic have combined to create a gloomy global outlook. In its December bulletin, the Reserve Bank of India said that with balance of risks being tilted towards a darkening global outlook and emerging markets appearing more vulnerable, the Indian economy needs support from domestic growth drivers. Sectoral deployment of …

Count of debit and credit cards in circulation in India crosses 1b-mark
2 years ago

Count of debit and credit cards in circulation in India crosses 1b-mark

Deccan Chronicle  

Chennai: The number of debit and credit cards in circulation crossed the 1-billion mark in the country at the end of the September quarter. The number of outstanding credit cards climbed by 19 per cent from 65 million in September 2021 to 77.7 million in September 2022, while outstanding debit cards increased by 2 per cent from 920.3 million to …

Online Transactions Worth Rs 36 Trillion Made By Indians In Q2 2022
2 years, 2 months ago

Online Transactions Worth Rs 36 Trillion Made By Indians In Q2 2022

News 18  

India saw 20.57 billion online transactions worth Rs 36.08 trillion in the second quarter this year, a report showed on Tuesday. “UPI P2P accounted for 49 per cent in volume and 67 per cent in value but in terms of merchants’ transactions, UPI P2M emerged as the preferred payment mode with a market share of 34 per cent in volume …

India’s dependence on global cards, in five charts
2 years, 9 months ago

India’s dependence on global cards, in five charts

Live Mint  

Earlier this month, Visa and Mastercard, an international duopoly that accounts for 90% of global card transactions, decided to suspend its network services in Russia in protest against its invasion of Ukraine. While cash accounts for about a third of payments at the point of sale in both countries, credit and debit cards—the operating space of Visa and Mastercard—account for …

Credit card spends, transactions decline in January
2 years, 9 months ago

Credit card spends, transactions decline in January

Deccan Chronicle  

Mumbai: As the festive season ended, monthly spends per credit card for the industry declined 8 per cent month-on-month in January to Rs 12,500 though still higher than the average of Rs 11,700 over the past one year. The average spend however, remained stable at Rs 4,400 while the number of transactions per card reduced 9 per cent MoM to …

RBI's push for card security to hit merchants, lenders
3 years ago

RBI's push for card security to hit merchants, lenders

The Hindu  

The Reserve Bank of India's plans to move towards card tokenisation is likely to hit a wide range of companies from major e-commerce firms and food delivery firms to lenders, while increasing the use of cash, said industry sources and bankers. "Introducing an additional step in payments adds friction and several studies show that customers may end up dropping out …

What's behind Indians' credit card spending surge in recent months?
3 years, 1 month ago

What's behind Indians' credit card spending surge in recent months?

Business Standard  

Indians’ credit card spends in September jumped 57% on a year-on-year basis to Rs 80,000 crore, according to the latest data from the Reserve Bank of India. This represents 3.2% sequential growth, despite a high base of Rs 77,981 crore in August.In the past six months, the average monthly spending on a credit card increased to about Rs 12,400 from …

Digital Indians are enamoured with Buy Now Pay Later credit
3 years, 5 months ago

Digital Indians are enamoured with Buy Now Pay Later credit

Live Mint  

After two decades of innovation in financial services in India, one statistic stands out in its lack of scale—the number of unique credit card holders. But while BNPL sought to disrupt credit cards in the West, in India it represents a unique opportunity to leapfrog into an entirely new digital-first paradigm to enable small credit for the retail consumer. This …

$271 bn consumer spending to shift from cash to cards,digital payments by 2023 in India:Accenture
4 years ago

$271 bn consumer spending to shift from cash to cards,digital payments by 2023 in India:Accenture

The Hindu  

About 66.6 billion transactions worth USD 270.7 billion are expected to shift from cash to cards and digital payments by 2023 in India, and further increase to USD 856.6 billion by 2030, a report by Accenture said on Tuesday. This rapid shift to digital payments due to the COVID-19 pandemic is urgently increasing the need for banks to modernise their …

The crisis has pushed card payments to shift to UPI: Ashneer Grover
4 years, 4 months ago

The crisis has pushed card payments to shift to UPI: Ashneer Grover

Live Mint  

India’s digital payments economy made a strong comeback during the pandemic as lockdown restrictions and fears of contracting infection forced consumers to look for alternatives to cash transactions. Covid-19 is not only providing strong tailwinds to the digital payments ecosystem but will also lead to digitizing and improving the underwriting capabilities of digital lenders in the long term, Ashneer Grover, …

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