Indians' credit card spending rose by 19% year-on-year to Rs 1.7 trillion in July 2024

New Delhi [India], August 31: Indian consumers saw a notable rise in credit card spending in July 2024, with a 19% year-on-year increase, according to a report by SBI Securities. The total spending reached Rs 1.7 trillion, indicating a significant boost in credit card usage.

The report also revealed a 39% year-on-year surge in transaction volumes, totaling 38.4 crore transactions for the month. This growth highlights the increasing popularity of credit cards among Indian consumers.

HDFC Bank led in transaction volumes with 9.9 crore transactions, followed by ICICI Bank with 7.1 crore, and SBI with 6.3 crore transactions. In terms of transaction value, HDFC Bank again topped the list with Rs 44,369 crore, while ICICI Bank and SBI recorded Rs 34,566 crore and Rs 26,878 crore, respectively.

The average transaction value (ATV) saw a slight increase of 1.4% month-on-month, marking the first rise in ATV in ten months. This suggests a shift towards higher-value transactions among consumers.

Overall, these statistics reflect a growing reliance on credit cards in India, driven by increased consumer confidence and the convenience of credit transactions.