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. 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. …
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