New Delhi:
Seeing a big bounce in the number of credit cards (credit card growth). The number of credit cards in the country has doubled in the last five years till December 2024 to 10.80 crores, which was 5.53 crore in December 2019. This information is given in the latest report of the Reserve Bank of India.
Credit card used more than debit card
In contrast, the number of Debit Card Usage has been relatively stable, which has increased slightly from 80.53 crores in December 2019 to 99.09 crore in December 2024. According to the RBI Data, in 2024, there were 447.23 crore Card Transactions from Credit Card, whose total value was Rs 20.37 lakh crore. At the same time, the number of debit card transactions was 173.90 crores and their value was Rs 5.16 lakh crore.
Credit card use increased by 15% annually
The report stated that the use of debit cards in recent years is declined, while the use of credit card (Credit Card Usage) has increased by 15 percent on an annual basis.
Credit cards of public and private banks gains
The number of credit cards issued by public sector banks increased from 122.6 lakhs of December 2019 to 257.61 lakh by December 2024, which is an increase of more than 110 percent. At the same time, private banks have issued 766 lakh credit cards by December 2024. The report also states that urban and rich classes are now attracted to co-branded and digital solutions.
Credit cards of foreign banks decline
According to the report, there has been a decline in the number of credit cards issued by foreign banks. In December 2019, this number was 65.79 lakhs, which has come down to 45.94 lakhs by December 2024. During this period, their market share has also come down from 11.9 percent to 4.3 percent.
UPI dominates in digital payment system
Another RBI report said that Unified Payment Interfaces in India’s Digital Payments (Digital Payments) have increased to 83 percent in 2024, which was 34 percent in 2019. During this period, the share of other payment systems like RTGS, NEFT, IMPS, Credit Card and Debit Card has fallen from 66 percent to 17 percent.
Upi transaction increases huge increase
UPI transactions Volume has increased to 17,221 crore in volume 2024, which was 375 crores in 2018. During this period, the total transaction value of total transactions has increased from Rs 5.86 lakh crore to Rs 246.83 lakh crore.
