Cards’ count crosses 1bn-mark

Outstanding credit card dues soar 19%, debit card dues rise 2%

The number of debit and credit cards in circulation crossed the 1-billion mark in the country at the end of the September quarter.

At the end of the third quarter of 2022, there were 1.01 billion credit and debit cards in circulation.

The number of outstanding credit cards climbed by 19 per cent from 65 million in September 2021 to 77.7 million in September 2022, while outstanding debit cards increased by 2 per cent from 920.3 million to 938.53 million during the same time, as per the data of Worldline India.

As of September 2022, the top credit card-issuing banks were HDFC Bank, State Bank of India, ICICI Bank, Axis Bank, and Kotak Bank, while the top debit card issuing banks were State Bank of India, Bank Of Baroda, Union Bank, Canara Bank, and HDFC Bank.

Credit card transaction volume was 725 million and value was `3.5 trillion in Q3 2022. Credit card transactions at POS accounted for 386.83 million, while e-commerce accounted for 338.80 million.

In terms of value, in Q3 2022, customers spent `1.31 trillion at POS and `2.18 trillion on e-commerce purchases using credit cards. Despite the general trend of transactions shifting from the physical to the digital environment, credit card volume at point of sale (POS) and online is virtually equal in Q3 2022.

In the third quarter of 2022, the volume of debit card transactions was 907 million and `1.88 trillion. POS transactions accounted for 595.4 million of the total debit card volume, while e-commerce transactions contributed to 311.6 million.

In terms of value, POS terminals processed `1.19 trillion, while e-commerce via debit cards processed `681.7 billion.

Debit card clients typically use their cards for small ticket-size transactions at physical touchpoints, but value-added services including EMI and BNPL have started allowing consumers to use their cards for high-value items and services. Festive season sales and hyperlocal service delivery are also contributing to the development of debit card e-commerce transactions.

In Q3 2022, customers spent `1.31 trillion at POS and `2.18 trillion on ecommerce purchases via credit cards. In terms of value, POS terminals processed `1.19 trillion, while e-commerce via debit cards