Overall Credit Card Spend Declines Marginally In June

The cumulative data for credit card spend (online and POS combined) in June showed muted growth vis-à-vis May, shows the latest Reserve Bank of India (RBI) data.

The total value of financial transactions done by the credit card issued by the bank at PoS terminals in June stood at 67K crore in comparison to 69.6K crore in May.

Likewise, the value of transactions done by credit cards at online and e-commerce sites in June stood at 115K crore against 120K crore in May, the RBI data showed.

Credit card nos

The same trend can be seen in credit card numbers as well where the number of outstanding cards remain flat. The total number of outstanding cards in June stood at 11,11,97,361 against 11,11,97,596 in May.

June data

(Source: RBI)

May data

As one can see in the table above, the number of outstanding cards of HDFC Bank and BOB rose marginally, while that of ICICI Bank declined.

When it comes to debit cards, the total value of card transactions (via POS) in June stood at 2.3 lakh crore and via online, they stood at 1.22 lakh crore. The corresponding figures for May were 2.47 lakh crore and 1.21 lakh crore, respectively.

Salaried employees

Meanwhile, in another news, a study has discovered that around 93 per cent of salaried respondents earning less than ₹50,000 per month rely on credit cards, reported PTI quoting a report.

The study, which analysed the financial behaviour of more than 20,000 salaried and self-employed individuals across the country over a year-long period, stated that 85 per cent of self-employed individuals rely on credit cards.

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