credit card
New Delhi : Leading News Service : Purchases through UPI, Point of Sale (POS) devices have increased. However, credit card transactions are increasing rapidly, and in the month of March, the first online credit card transaction crossed the Rs 1 lakh crore mark. Compared to March-2023, the amount has increased by twenty percent and compared to February-2024 by ten percent. So, it has come to light that there is a decrease in debit card transactions.
UPI transactions have drastically reduced the number of cash transactions. So, major transactions are being done through debit, credit cards. UPI option is also there for that. Various companies offer them attractive discounts on credit cards. The use of credit cards is increasing due to the benefits of using money for one and a half to two months at zero interest.
86,390 crore was purchased through credit cards in March-2023. Increased to Rs 94,774 crore in February 2024. So, in March 2024, this figure has increased to Rs 1 lakh 4 thousand 81 crores. So, transactions worth Rs 60 thousand 378 crore were done by swiping cards through point of sale machines at the end of March.
Debit card usage is decreasing
In the month of March, the number of debit card transactions at shops fell by 30 percent to 11.6 crore. While the usage for online transactions has decreased by 41 percent to 4.3 crores. In-store transactions declined by 17 percent to Rs 29,309 crore and online transactions declined by 16 percent to Rs 15,213 crore.