The credit card market saw a much-needed lift in May, thanks to holiday travel, with spending rising to ₹1.9 lakh crore — a 3% jump from April and a robust 15% increase year-on-year. This growth builds on a 17% annual rise reported in May 2024, according to Reserve Bank of India (RBI) data.
New credit card issuances also rebounded, reaching a four-month high with over 7.6 lakh cards added during the month. While this figure mirrors the additions from the same period last year, it signals a recovery from recent sluggishness.
Transaction volumes climbed as well, with a 4% monthly uptick and nearly 30% surge compared to May 2024. The total number of credit cards in circulation crossed the 110 million mark — an 8% annual increase.
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