credit card
According to industry experts, this year’s holiday sales saw a sharp rise in the use of credit-based payment instruments such as credit cards and pay later products. While trends point towards a 35-50 percent increase in the total number of transactions this year compared to the festive months of last year. A major portion of the payments were made through credit card, EMI and post payment mode.
Razorpay and Amazon Pay Statistics
Rahul Kothari, COO, Razorpay, said that between October 3 and 12 this year, our platform saw a 106 percent increase in credit card transactions and a 60 percent increase in UPI transactions. compared to last year. Amazon Pay, the e-commerce giant’s fintech company, noted that around 20 per cent of purchases were made with EMI and 80 per cent of EMI transactions were free of cost. In no-cost transactions, the brand subsidizes the cost and consumers do not pay anything extra in installments. People were buying video games like PlayStation 5 with no-cost EMI through Amazon Pay.
30 percent increase
Vikas Bansal, CEO of Amazon Pay, said that more than one in four customers used Amazon Pay instruments (Amazon Pay UPI, Amazon Pay ICICI bank credit card, Amazon Pay Later and Amazon Pay) to make purchases (during the Amazon Great Indian Festival). ). Payment balance used. Meanwhile, usage of the platform for top-ups and bill payments has increased by 30 percent compared to a year ago, he said.
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The use of credit cards increased
In addition to pay later products, industry experts also noted increased credit card usage this year. Sheikh Mohideen, executive vice president of Worldline India, a company that deploys point-of-sale terminals for banks, said credit card usage has seen the biggest growth, with 53 percent more transactions compared to last year. This shows a significant increase in credit card usage.
RBI figures
According to central bank data, the number of credit cards issued in India stood at 105 million in August. While in the same period last year this figure was 91.2 million dollars. If we talk about transaction numbers, 389 million were seen in August 2024, compared to 290 million in the same period last year. The transaction value stood at Rs 1.6 lakh crore in August 2024, up from Rs 1.5 lakh crore in the same period earlier.
