Payments made through debit cards rose over 40 per cent to Rs 9,911 crore in the first five months of this financial year compared the same period previous year. Data available with Reserve Bank shows debit card payments touched Rs 9,911 crore for the five months ended August, an over 40 per cent surge compared to the corresponding period a year ago. In the comparable period, the same stood at Rs 7,017 crore.
On the other hand credit card transactions in the country slumped by more than 12 per cent in the first five months of this financial year to Rs 24,427 crore. The credit card business has been on a decline since November last year after the collapse of US financial services firm Lehman Brothers in September.
According to analysts this is a surprising trend as retail credit disbursal has increased.