Credit card spend crosses Rs 1.13 L cr in May: RBI data

Credit card spending has crossed Rs 1.13 lakh crore in May compared to Rs 1.05 lakh crore in the previous month according to official data.

The month-on-month rise in spending through cards indicates a pick-up in economic activity.

The latest data from the Reserve Bank of India (RBI) showed that 7.68 crore credit card holders spent about Rs 71,429 crore for buying online, while the amount was spent through swipes at Point of Sale (PoS) machines stood at Rs 42,266 crore in May.

In terms of the number of transactions, credit card payments were marginally lower online at 11.5 crore against 12.2 crore offline or at PoS machines.