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Credit Cards spending surges 18% in November 2023

More Indians are growingly taking credit cards and using them too. As per a report by VISA, credit cards spending in India during festival period of Diwali (in November 2023) surged 18% over the same period in 2022.

The online spending on e-commerce purchases saw a 25% surge during this period and the in-store spending too witnessed a 12% surge.

Credit Card spending in November 2023 India

Most of the online purchases with credit cards were in apparel and accessories and discount store merchandise categories. Offline spends using credit cards leaned towards bigger ticket items in Jewellery stores, electronic stores, and also grocery stores and supermarkets.

The offers on e-commerce sites when you pay using credit cards has had an impact as the low-ticket items from apparel and accessories are also being purchased using credit cards.

The banks are estimating a total credit cards spending of around Rs 2.3 lakh crore in November 2023, way up from the October 2023 spending was Rs 1.78 lakh crore.

Not just credit cards, the whole credit industry is witnessing a steady but tremendous rise over past few years and the UPI’s integration with credit cards has made the net wider. Just during the 5 days of Diwali festival, Indians made 187 crore UPI transactions worth over Rs 2.7 lakh crore.

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