E-commerce, travel transactions drive credit card spends in January
According to a report in The Business Standard, the momentum in credit card spends continued in January, with spends topping INR 1 trillion for the 11th month in a row due to a rise in e-commerce transactions and discretionary spending, including travel. According to data released by the Reserve Bank of India (RBI), credit card spends stood at INR 1.27 trillion in January, up marginally from INR 1.26 trillion in December despite a very high base. Year-on-year, spends increased 45 per cent in January. Online e-commerce spends constituted almost 60 per cent of the total credit card spends in January. The rest of it came from point of sale (PoS) transactions. While major credit card issuers — ICICI Bank, Axis Bank, and SBI Card — saw a single-digit increase in spends in January over December, largest issuer HDFC Bank’s spend declined 1.29 per cent during this period.