Transactions through credit and debit card on higher side
Posted on Nov 12 2011 at 06:20:16 AM in Finance & Investment
In September, Credit Card transactions up by 31.5 %. Figure of credit card transaction stood at 7693.81Crore. In Last month almost 4.3% of credit card applications declined.
If we compared Last year April-sep period transactions with this year transactions, then it’s up by 30%.
Like credit card, Debit card transactions also in up side, Increased by 37.3 % more than credit card. There were over 25.19 crore debit cards in use as of September 30, 2011, up 23.6 % from the year-ago period. Transactions by debit card during April-September period were up 42.3 %
The shoot in transaction points to greater use of the electronic payments system as people move away from old formats of payment, especially in major cities.
In 2010-11, credit cards transactions in the country went up by 22.2 % to touch Rs 75,515.68 crore in value terms.
In addition, debit card transactions went up by 46.5 % last fiscal to Rs 38,691.88 crore.