Credit card spending in India rises to Rs 1.78 trn in Oct, sets record

Credit card spending by Indians rose 25.35 per cent to a new high of Rs 1.78 trillion in October from Rs 1.42 trillion in September 2023, supported by growth in point of sale (POS) transactions and e-commerce payments in the festive season.

PoS transactions increased to Rs 57,774.35 crore and e-commerce payments to Rs 120,794.40 crore in October.

Transactions of HDFC Bank credit cards, the industry leader, increased to Rs 451,73.23 crore from Rs 38,661.86 crore in September.

ICICI Bank card transactions increased to Rs 34,158 crore and Axis Bank rose to Rs 21,728.93 crore.