2024-09-01 18:28:17
New Delhi: Indian users are making new records in terms of spending through credit cards. In the month of July, people spent lakhs of crores of rupees through credit cards. In this case, these people broke the record of last year. This has come to light in a report released by SBI Securities. This report states that Indian credit card holders have spent Rs 1.7 lakh crore through credit cards in July this year. This amount is 19 percent more than the same month last year. The report states that this increase shows the increasing dependence on credit cards for transactions. The report also states how many times people transacted through credit cards in July. According to this, a total of 38.4 crore transactions took place in July. This number is also 39 percent more than the same month last year. This shows that people are trusting credit cards for transactions like UPI.
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This bank became number one in terms of transactions
The report also said that HDFC Bank was at the top in terms of transactions. The credit card holders of this bank made the highest number of transactions in July. This number of transactions was 9.9 crores which is much more than the credit card transactions of any other bank. ICICI Bank was at the second position with 7.1 crore transactions and SBI Bank was at the third position with 6.3 crore transactions.
HDFC is also ahead in terms of expenditure
Apart from transactions, HDFC Bank was also ahead in terms of spending through credit cards. In July, HDFC Bank’s credit card users spent a total of Rs 44,369 crore. ICICI Bank was in second place with an expenditure of Rs 34,566 crore and SBI was in third place with an expenditure of Rs 26,878 crore.
HDFC Bank is ahead here too
HDFC also took the lead in terms of maximum usage of credit cards.
Increase in ATVs
The average transaction value (ATV) also saw a marginal increase of 1.4 per cent month-on-month in July. This is the first increase in ATV in ten months, suggesting a shift in consumer behaviour towards high-value transactions. These figures show that credit card usage is increasing rapidly in India.