wordpress blog stats
Connect with us

Hi, what are you looking for?

Banks add 4.4 Mn credit cards and 71 Mn debit cards during pandemic: RBI Data

Banks issued 4.4 million new credit card and 71 million debit cards between March 2020 and February 2021, according to data from the Reserve Bank of India. The total number of credit cards stood at 61.6 million as of February 2021, while the number of debit cards stood at 894 million.

 

While the banks added nearly 550,000 credit cards between January and February 2021, they added nearly 6 million debit cards in the same period.

 

 

Advertisement. Scroll to continue reading.

Card Transactions Dip

The number of transactions done using credit cards at PoS terminals (or swipe machines) declined by 14.7% YoY. This number decreased by 19.3% YoY for debit cards in February 2021. The total number of Point of Sale (PoS) transactions done via credit cards was 161.6 million, while the figure for debit cards was 346.6 million in February 2021.

 

The total amount transacted through credit cards at PoS terminals — Rs 60,103 crore in February 2021 — decreased by 3.9% on an annual basis. The amount transacted using PoS terminals through debit cards went up by 2.1% YoY yo Rs 59,034 crore in February 2021.

In February 2021, 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 the amount transacted using credit cards in April 2020.

The total amount transacted through credit cards at PoS terminals declined by Rs 4,715 crore in February 2021, while the amount transacted through debit cards decreased by Rs 5,003 crore.

At PoS terminals, the average amount transacted per transaction using credit cards — an indication of how much people are willing to spend in one transaction — increased 12.7% between March 2020 and February 2021. For debit cards, it grew 26.5% during the same period.

Advertisement. Scroll to continue reading.

Also Read

Written By

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

Views

News

India and US come to terms on how to deal with the equalisation levy in light of the impending Global Tax Deal.

News

Find out how people’s health data is understood to have value and who can benefit from that value.

News

The US and other countries' retreat from a laissez-faire approach to regulating markets presents India with a rare opportunity.

News

When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

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