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Banks add 5.2 million new credit cards, 67 million debit cards during pandemic: RBI Data

Apart from a surge in cardholders, the data revealed that transaction amounts across several Point of Sale terminals also increased over the past few months. In May 2021, the number of debit cards stood at 902.3 million and rose to 1.5 million debit cards over April 2021. A total of 62.4 million credit cards were in operation, which increased to 133,014 cardholders over April 2021, according to data from the Reserve Bank of India. Between June 2020 and May 2021, India added around 5.2 million credit cards and over 67 million debit cards. The number of transactions done using credit cards at PoS terminals (or swipe machines) grew by 30.8% year-over-year (YoY). This number decreased by 1.4% YoY for debit cards in May 2021. The total number of Point of Sale (PoS) transactions done via credit cards was 134.9 million,…

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