Team Blitz India
NEW DELHI: Credit card spending by Indians dropped 10 per cent to Rs 1.61 trillion in November 2023 from a record Rs 1.78 trillion in October 2023 on account of a dip in e-commerce payments as the festive season came to an end.
While the point of sale (PoS) transactions increased to Rs 59,014.93 crore in November from Rs 57,774.35 crore in October, the e-commerce payments dropped to Rs 10,1628.71 crore from Rs 120,794.40 crore in October.
“The credit card transactions declined after the festive season neared its end which can be seen by the sequential drop in the online payments. However, the point of sale or PoS transactions have witnessed an increase,” said Saurabh Bhalerao, Associate Director, CareEdge.
Transactions of leading credit card issuers also saw a decline with industry leader HDFC Bank’s credit card transactions dropping down to Rs 42,049.32 crore from Rs 45,173.23 crore in October. ICICI Bank card transactions fell to Rs 27,772.63 crore from Rs 34,158 crore and Axis Bank to Rs 18,582.84 crore from Rs 21,728.93 crore.
