In June 2021, Rs 51,126 crore was transacted using debit cards, and yet credit card transaction amounts were higher than debit card transaction amounts. Between May 2020 and June 2021, India added around 5.5 million new credit cards and 60.6 million new debit cards, according to data from the Reserve Bank of India. In June 2021, the total number of debit cards issued by banks stood at 3.7 million while the total number of credit cards was at 422,048. The number of transactions done using credit cards at PoS terminals (or swipe machines) grew by 23.6% year-over-year (YoY). This percentage decreased marginally YoY for debit cards in June 2021. In the same month, the total number of Point of Sale (PoS) transactions done via credit cards was 154.7 million, while the figure for debit cards was 301.6 million. The total amount transacted through credit cards at PoS terminals — Rs 62,746 crore in June 2021— increased by 46.5% in the 12-month period from June 2020. The amount transacted using PoS terminals through debit cards went up by 8.2% during the same time. In June 2021, Rs 51,126 crore was transacted through debit cards at PoS terminals. In June 2021, credit card transaction amounts were higher than debit card transaction amounts. As indicated by the chart above, the amount transacted using debit cards had surpassed the amount transacted using credit cards up till January 2021. The total amount transacted through credit cards at PoS terminals grew by Rs 7,900 crore in June…
