BFSI - #SectorUpdates

Latest RBI’s monthly data has indicated rise in credit card and UPI payments. The UPI transaction rose from Rs 9.83 lakh crore in April this year to Rs 10.73 lakh crore in August. Similarly, credit card spends through PoS (Point of Sale) terminal increased from Rs 29,988 crore in April this year to Rs 32,383 crore in August. The credit card spending on e-commerce platforms, which was valued at Rs 51,375 crore in April, rose to Rs 55,264 crore in August. As per the RBI’s industry data, the outstanding on credit cards has grown at a Compounded Annual Growth Rate (CAGR) of 16 per cent between FY17 and FY22. The increased volume of transaction implies pickup in consumption as the pandemic-induced uncertainty is easing off and markets return to normalcy. The surge in digital mode of payments also indicates that consumers are shedding their inhibition towards adoption of technology.

Subscribe Our Newsletter