Mumbai: RBI data claims a post-pandemic preference for credit card over debit card
A latest data released by the Reserve Bank of India (RBI) showed that post pandemic people are preferring credit cards over debit cards. The increase is from Rs. 6,30,414 crore in fiscal year (FY) 2020-2021 to Rs. 10, 49, 065 crores in the nine months of Financial Year 2023.
In the same period, payments via debit card fell from Rs 6,61,385 crore to Rs 5,61,450, the report stated.
Another major sign that showed usage of credit cards higher than debit cards is the data on the payments for the month of December. Credit Card payments saw a rise of 95 per cent usage – Rs 65,736 crore in December 2019 to Rs 1,26,524 crore in December 2020, the data stated.
Payments via debit cards, meanwhile, saw of decline of 30 percent in the same period from Rs 83,953 crore in December 2019 to Rs 58,625 crore in December 2022.
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