wordpress blog stats
Connect with us

Hi, what are you looking for?

India had 47.9M credit cards, 884.8M debit cards in April 2019

In April 2019, the number of debit cards sharply declined to 884.78 million, a reduction of 39.8 million existing cardholders. At the same time, a total of 47.99 million credit cards were in operation, with the addition of 0.91 million cards, according to the Reserve Bank of India. Between April 2018 and April 2019, India added some 10.2 million credit cards and lost over 21 million debit cards.


Card usage spiked during the months following demonetization, when the unavailability of cash forced people to use cards. Since then, both debit card and credit card usage has been increasing, and at times, range-bound, but we really aren’t seeing spikes in usage.


The number of transactions using credit cards at POS terminals or swipe machines grew by 26.2% year-on-year, while it increased by 22.1% for debit cards for the 12 month period ending April 2019. In April 2019, the total number of POS transactions through credit cards was 166.9 million, while the figure for debit cards was 407.6 million.

Total amount transacted through credit cards at POS terminals — which was Rs 57,649 crore in April 2019 — increased by 28.6% in the 12 month period ending April 2019. The amount transacted using POS terminals through debit cards went up by 21% during the same time. In April 2019, Rs 54,958 crore were transacted through debit cards at POS terminals.

Note that in the chart above, the amount transacted using debit cards had surpassed credit cards in November 2016, but from January 2018 onwards the amount transacted through credit cards and debit cards was nearly the same. In April 2019, credit card transaction amounts were slightly higher than those of the debit card transaction amounts.

The total amount transacted through credit cards at POS terminals declined marginally by Rs 3 crore in April 2019, while the amount transacted through debit cards increased by Rs 1,947 crore.

At POS terminals, the average amount transacted per transaction using credit cards — which is an indication of the amount people are willing to spend in one transaction — increased marginally between April 2018 and April 2019. For debit cards, it declined during the same period.

Advertisement. Scroll to continue reading.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'

News

India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...

News

There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data

News

Existing consumer protection regulations are not sufficient to cover the extent of protection that a crypto-investor would require.

News

The Delhi High Court should quash the government's order to block Tanul Thakur's website in light of the Shreya Singhal verdict by the Supreme...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ