In November 2019, the number of debit cards stood at 830.8 million, a decline of 12.86 million cards over October 2019. At the same time, a total of 54.4 million credit cards were in operation, with 1 million cards added over October 2019, according to the Reserve Bank of India. Between November 2018 and November 2019, India added some 11.2 million credit cards and lost over 161.8 million debit cards.
The number of transactions done using credit cards at PoS terminals (or swipe machines) grew by 25% YoY, while it increased by 12.5% YoY for debit cards for the 12-month period ending November 2019. In November 2019, the total number of PoS transactions through credit cards was 182.5 million, while the figure for debit cards was 423.6 million.
Total amount transacted through credit cards at PoS terminals — which was Rs 60,130 crore in November 2019 — increased by 16.5% in the 12-month period ending November 2019. The amount transacted using PoS terminals through debit cards went up by 6.6% during the same time. In November 2019, Rs 57,590 crore was transacted through debit cards at PoS terminals.
In November 2019, credit card transaction amounts were higher than those of the debit card transaction amounts. Note that in the chart above, the amount transacted using debit cards had surpassed amount transacted using credit cards in November 2016. January 2018 onward, the amount transacted via credit cards and debit cards were nearly the same.
The total amount transacted through credit cards at PoS terminals declined by Rs 11,002 crore in November 2019, while the amount transacted through debit cards decreased by Rs 12,560 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 — decreased 6.9% between November 2018 and November 2019. For debit cards, it declined 5.3% during the same period.