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…
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