Credit card usage sees a big jump this festive season
festive season sales, according to industry insiders.
While trends point towards a 35-50% jump in the total number of transactions this year against the festive months of last year, a significant chunk of the payments was through credit cards, EMIs (equated monthly instalments) and pay-later modes.
«Between October 3 and 12 this year, our platform saw a remarkable 106% increase in credit card transactions and a 60% rise in UPI transactions compared to the Navratri season last year,» said Rahul Kothari, chief operating officer at Razorpay, which offers omnichannel payment capabilities to merchants.
Amazon Pay, the fintech offering from the ecommerce giant, observed that around 20% of the purchases were made with EMI and 80% of EMI transactions were no-cost ones. In no-cost transactions, the brand subsidises the cost and consumers do not pay anything extra on instalments.
People bought video games like PlayStation 5 on no-cost EMIs through Amazon Pay.
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