Indian consumers in April generated higher credit card sales while increasing their card use compared with the same month last year, according to India’s central bank.
Indian credit cardholders in April spent 54.7 billion rupees, up 11% from 49.3 billion rupees a year earlier. They initiated 19.8 million transactions, up 7% from 18.5 million, according to the Reserve Bank of India.
The number of credit cards in circulation fell 20.1%, to 19.3 million from 24.4 million, the central bank says.
The increased use of credit cards illustrates India’s economic recovery, an official from the central bank tells PaymentsSource. “There is no special reason for the rise in credit card numbers beyond the Indian growth story,” he adds.
Meanwhile, debit card use in April increased 33.3%, to 16 million transactions from 12 million a year ago, the central bank says. Debit card sales increased 40.4%, to 25 billion rupees from 17.8 billion rupees.
Indian financial institutions issued 185 million debit cards as of the end of April, up 32.1% from 140 million issued a year earlier.