According to the latest data of the Reserve Bank, the use of credit cards has increased rapidly in the country, while the payment through debit cards has decreased. know why so
From shopping to traveling and changing the way of daily work, the effect of change in payment methods is also being seen. The latest figures of the Reserve Bank (RBI data) present a clear picture of this change.
If you look at the statistics, in the last few years, especially after the Corona epidemic, the use of credit cards in the country has increased rapidly, while debit card payments have decreased. That is, after the epidemic, there has been a big change in the use of cards in the country.
RBI figures!
According to RBI data, during the financial year 2020-21 (FY21), Rs 6,30,414 crore was paid through credit cards.
In the first nine months of the current financial year (FY23) ie from April 2023 to December 2023, this figure of credit card payment is Rs. 10,49,065 crore has been reached. On the other hand, during the same period, debit card payments of Rs. 6,61,385 crore, down from Rs.
If we look at the figures for the month of December for the last few years, a story of change emerges. Credit card payments worth Rs 65,736 crore were made in December 2019.
In December 2020, this figure came down slightly to Rs. 63,487 crores. After this, the consumption figure increased rapidly and reached Rs 93,907 crore in December 2021.
In December last year, this figure further increased to Rs. 1,26,524 crores. The increasing use of credit cards is also affecting the total balance. Total credit card outstanding during the first nine months of the current financial year increased by 22 per cent to Rs. 1,80,090 crore has been reached.
What is the number of credit-debit card?
The number of cards issued also indicates this change in the payment method. According to the Reserve Bank, a total of 5.53 crore credit cards were issued till December 2019, which has increased to 8.12 crore by December 2023. On the other hand, the total number of debit cards has increased marginally from 80.53 crore to only 93.94 crore during this period.