Credit Card Users Spent 76% More On Ecommerce Than In Offline Stores In March 2022: RBI

There are a total of 7.36 Cr credit cards in the country for which the transaction volume was over INR 1 Lakh Cr

Interestingly, credit card usage is significantly higher than debit card usage but almost 1/9th of UPI usage in India

The number of credit card users has increased due to banks and ecommerce platforms partnering for co-branded cards

Credit cards have one of the lowest penetration rates (at 5.55%) in India among various transactional mediums including the UPI, debit cards, PoS, internet banking, etc. According to RBI data on cards and other financial products, credit cards displayed a strong game on the ecommerce front, shifting the tailwinds in the payment ecosystem.

According to the RBI data, there are a total of 7.36 Cr credit cards in the country. And the credit card users spent almost INR 68327.73 Cr on ecommerce platforms as opposed to INR 38773.42 Cr on offline swipes on Point of Sale machines (PoS) – a difference of 76%.

The transaction count, on the other hand, was slightly lower on ecommerce platforms (at 11.03 Cr) compared to offline transactions (at 11.34). This shows that the average value of payments on online platforms via credit cards was significantly higher.

This is the first time that RBI has bifurcated credit card payments into offline and online transactions. Do Indians Use Credit Cards Lesser Than Other Payment Instruments?

The UPI usage in the country is a clear winner and credit cards are slowly catching up.In 2021, only three in 100 Indians owned a credit card, and even a lesser percentage used credit cards for payments. The number has now increased to 5.5 per 100 Indians. Recommended For You: Now, banks are increasingly offering discounts, cashback and add-on services on cobranded cards by partnering with ecommerce giants. For example, Amazon partnered with ICICI & HDFC, […]

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