A latest data report released by the Reserve Bank of India (RBI) showed that people prefer using credit cards more than debit cards post COVID pandemic.
New Delhi: More countries are shifting toward a return to normal and learning to live with the coronavirus. And things are going back to the way it was before COVID with some inevitable changes. A latest data report released by the Reserve Bank of India (RBI) showed that people prefer using credit cards more than debit cards post COVID pandemic.
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As per the RBI data, credit card payments increased from Rs 6,30,414 crore in fiscal year (FY) 2020-2021 to Rs 10,49,065 crore in the nine months of FY2023, according to a report by The Indian Express. In the same period, payments via debit card fell from Rs 6,61,385 crore to Rs 5,61,450, the report stated.
Another major sign that showed usage of credit cards higher than debit cards is the data on the payments for the month of December. Credit card payments saw a rise of 95 per cent usage – Rs 65,736 crore in December 2019 to Rs 1,26,524 crore in December 2020, the RBI data stated.
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Payments via debit cards, meanwhile, saw of decline of 30 per cent in the same period – from Rs 83,953 crore in December 2019 to Rs 58,625 crore in December 2022.
