Here we are sharing a piece of big news with you. According to the RBI data, as Inflation comes down, credit card spending has come down. The volume of credit card deals fell 0.37% month on month to 223 million in April while the value was denied by 1.5 % to Rs 1.05 lakh crore. The number of cards in force rose by 2% month on month in April to over 75 million. In March 2022, credit card spending was up 24% month on month at Rs 1.07 lakh crore. Here we have more information about the news and we will share it with you in this article, so let’s continue the article. Follow More Update On GetIndiaNews.com
While analysts anticipated credit card spending to touch Rs 1.10 lakh crore credit card in the coming months, it fell but now it’s stayed above Rs 1 lakh crore. The opening up of the economy, travel, and hospitality had awaited to drive credit card spending but rising inflation was put a lid on it. ” As per trends, April and May 2022 spending appear like to further increase to Rs 1.02 lakh crore and Rs 1.1 lakh crore,” said ICICI report. It said a revival in air travel, the hospitality sector, and an increasing inflation outlook set a positive backdrop a credit card spending and receivables. Motilal Oswal Research said that credit card spending grew 24% per month on month basic in March.
” Spending contained with healthy momentum over March 2022, led by the rising share of e-commerce transactions that will retain the growth buoyantly,” it said. ” we trust that customers such as SBI Card ICICI Bank and Axis Bank will continue to show strong performance, while HDFCB is witnessing a strong recovery, which is continuing.
Credit Card spending online had closely Rs 30,000 crore more than the spending done through swipes at points of sale in March, indicating a growing preference among people for e-commerce purchases. Data from the Reserve Bank of India issued that 7.3 crore credit card holders consumed through swipes at point Sale (PoS) machines stood at Rs 38,377 crore in March. For the first time, the RBI has supplied separate data on spending through online versus Pos payments. In terms of the number of transactions, credit card transactions were just lower online at 11 crores as against 11.1 crores offline or at POs machines. The trend also specifies that cardholders are creating higher value transactions online and on average than through offline means. Here we have shared all the information which we had, so stay tuned for more updates.