Credit card transactions up over 32% in May

Transactions worth Rs 7,880.99 crore were carried out in the country through credit cards in May,2011.

Transactions worth Rs 7,880.99 crore were carried out in the country through credit cards in May,2011,registering a growth of 32.7 per cent as compared to the same month last year.

Credit card transactions during May,2010 were at Rs 5,935.54 crore,according to RBI data.

The number of credit cards in circulation have,however,declined by over 7.1 per cent to 1.76 crore as on May 31,2011,from 1.90 crore in the same period last year.

Story continues below this ad

As per the data transactions by credit card during the first two months of this fiscal stood at Rs 14,936.39 crore as against Rs 11,409.12 crore in the same period of 2010,up 30.9 per cent

Meanwhile,debit card transactions in May were up by 42 per cent to Rs 4,201.36 crore,as against Rs 2,958.70 crore in the corresponding month last year.

There were over 23.49 crore debit cards in use in the country as on May 31,2011,up 24.8 per cent over the figure of almost 18.82 crore in the year-ago period.

Transactions by debit cards during April-May period was up 44.6 per cent to Rs 7,906.90 crore as against Rs 5,467.02 crore in the year-ago period.

Story continues below this ad

The latest jump in transaction through credit and debit card signal a continuation of growth observed in the last fiscal,according to experts.

In 2010-11,transactions through credit cards in the country went up by 22.15 per cent to touch Rs 75,515.68 crore in value terms.

Besides,debit card transactions had gone up by 46.46 per cent in the last fiscal to Rs 38,691.88 crore.