New delhi:
The number of credit cards have more than doubled to Around 10.80 Crore at the end of December 2024, compared to December 2019 when there was 5.53 Crore cards in circulation, According to A new RBI report.
Ingtrast, number of debit cards have remind Relatively Stable, with a Marginal Increase from 80.53 Crore in December 2019 to Slightly more than more than 99.09 Crore in December 2024.
A similar growth train is witnessed in card transactions as well, said the RBI report. DURING CY2024, there was 447.23 Crore and 173.90 Crore Payment Transactions Welfing of Rs 20.37 Lakh Crore and Rs 5.16 Lakh Crore Through Credit and Debit Cards, Respectly.
“While the use of debit cards has declared, credit cards have grown more than 15 per cent on a year-on-on-yar basis in recent years,” It mentioned.
As of December 2024, The Financial Landscape in India is Characterized by the Widespread Adoption of Credit and Debit Cards, with An Astounding 109.9 Crore Cards Circulating Throughout the Country.
The Credit Card Issued by Public Sector Banks (PSBS) Increased from 122.6 lakh as at end-decomber 2019 to 257.61 lakh as at end-decomber 2024, a more than 110 per centh 110 per centh.
“Private Sector Banks (PVBS), Who Hold A 71 per cent market share with 766 lakh cards in December 2024, have leaned into digital solutions and co-boraded cards to cite to URBAN and Affluent Center T noted.
Meanwhile, Foreign Banks Have Seen A Decline Both in Numbers – From 65.79 Lakh cards to 45.94 Lakh – and in Market Share, Dropping from 11.9 per cent to y due to high feet and conservative lending policies .
Small Finance Banks (SFBS) have entered the area with 10.97 lakh cards as at end-decomber 2024, targeting the underserved and focusing on Financial Inclusiveness.
With effect from January 1, 2019, the RBI has mandated the use of only Emv Chip and PIN-Based Debit and Credit Cards.
Also, the Scope of UPI was expanded by permitting linkage of Rupay Credit Card to UPi for making payments. Subsequently, it has been expanded by permitting transfer to
“In other words, UPI Network will facilitate payments Financed by Credit from Banks. This can reduce the cost of such offerings and help in development of unique products for Indian markets, “said the report.
(Except for the headline, this story has not been edited by ndtv staff and is published from a syndicated feed.)
