Debit Card Payments Rise Over 40% in April-August

By | October 19, 2009

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.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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