Credit card spends rise 30% y-o-y to Rs 1.7 trillion in January

financialexpress.com:

Credit card spends rose 30.3% year-on-year (y-o-y) to Rs 1.7 trillion in January, latest data from the Reserve Bank of India (RBI) showed.

The credit card spends, however, rose a mere 0.8% on a monthly basis. The data further showed that a majority of spends were done on electronic commerce platforms and point of sale (PoS) terminals.

The average spends per card rose nearly 8% y-o-y to Rs 16,769 in January, but fell 0.8% month-on-month (m-o-m).

Outstanding cards-in-force rose nearly 21% year-on-year(y-o-y) to 99.5 million as on January 31. It stood at 97.9 million as on December 31.

Among the top 10 banks, State Bank of India (SBI), HDFC Bank and Axis Bank witnessed a marginal fall in outstanding card market share. Together, market leaders HDFC Bank, SBI, and ICICI Bank hold a nearly 56% market share in outstanding credit cards.

HDFC Bank, IndusInd Bank, RBL Bank and Kotak Mahindra Bank witnessed a fall in spends market share in January. Together, HDFC Bank, SBI, and ICICI Bank hold nearly 63% of the market share in credit card spends.