Credit card transactions spike in January

March 15, 2011 - PRLog -- Transactions worth Rs. 6,934.65 crore were carried out in India through credit card in January, 2011, growth of 27.82 % from that in the same period last year.

Credit card transactions during January, 2010 were at Rs. 5,425.51 crore, according to the RBI data.

The number of credit cards in circulation have, however, declined by over 10 % to 1.81 crore as on January 31, 2011, from 2.02 crore in the same period last year.

During the April-January period of the fiscal, the total transactions carried out via credit cards increased 21.78 % to Rs. 62,335.44 crore as against Rs. 51,188.94 crore in the April-January period of 2010-11.

Meanwhile, debit card transactions in January were up by 49.04 % to Rs. 3,712.67 crore, as against Rs. 2,491 crore in the corresponding month last year.

There were 21.82 crore debit cards in use in the country as on January 31, 2011, up over 25 % over the figure of 17.41 crore in the year-ago period.

In April-January period, the total transactions carried out by debit cards jumped by 47.06 %, to Rs. 32,029.24 crore, from Rs. 21,779.83 crore in the first 10 months of the last fiscal.

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