Credit card spending touches all-time high of Rs 1.37 lakh crore in March

Credit card spending in March touched a record high of Rs 1.37 lakh crore, according to Zee Business research. Credit card spending surpassed Rs 1 lakh crore for the 13th month in a row, demonstrating a surge in consumer spending since the easing of the pandemic.

According to the research, in March 2023, 63 per cent of transactions took place via e-commerce, while 17 per cent of transactions were carried through Point of Sale (PoS) – the time and place at which a retail transaction is completed.

In FY23, credit card spending topped Rs 14 lakh crore and grew 47 per cent year-on-year (YoY). In FY23, around 11.67 million cards were added -- a marginal rise from the 11.15 million additions in FY22.

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Month wise Credit card spending

In March, the credit card spending grew Rs 1.37 lakh crore, a rise of 14.16 per cent MoM. In February, the spending shrunk by 7.69 per cent to Rs 1.2 lakh crore while in January, the spending stood at Rs 1.3 lakh crore (up 3.17 per cent). December 2022 recorded credit card spending at Rs 1.26 lakh crore, an increase of 9.57 per cent MoM and in November 2022, the spending stood at Rs 1.5 lakh crore.

Company-wise credit card spending

Among large players, Axis Bank’s credit card spending grew 54 per cent month-on-month (MoM), and ICICI Bank’s credit card spending recorded a growth of 20 per cent MoM. It was followed by private sector lender HDFC Bank’s credit card spending, which grew by 14 per cent MoM and SBI Card’s credit card spending, which grew by 11 per cent MoM.

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