Credit card spending reaches Rs1.13-La-Cr milestone in May: RBI

The spending on Credit cards has crossed Rs 1.13 lakh crore in May compared to Rs 1.05 lakh crore in the previous month according to official data.

The increase in card spending month over month suggests an uptick in economic activity. According to the latest data available from the Reserve Bank of India (RBI), 7.68 lakh credit card holders spent around Rs 71,429 crore on online purchases in May, while the amount spent through swipes at Point of Sale (PoS) machines was Rs 42,266 crore.

In terms of transactions, there were somewhat fewer credit card payments made online (11.5 crore against 12.2 crore using PoS machines or offline). The trend also shows that cardholders do more expensive transactions online than they do offline.

Online purchases made by credit card users were Rs 65,652 crore, while purchases made at physical Point of Sale (PoS) terminals totalled Rs 39,806 crore in April. With regard to debit cards, the total amount spent throughout the month at point of sale and online was Rs 65,957 crore.

In comparison to e-commerce purchases made in May using debit cards, which totalled Rs 21,104 crore, spending through PoS was Rs 44,305 crore. There have been an additional 20 lakh credit cards added this month. The number of the card was 7.51 crore in April.

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