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The above graph represents the total number of credit card transactions in India by month, starting from April 2004 to October 2019. The credit cards accounted for nearly 13.4% of total card transactions recorded in the month of October 2019. India recorded its highest-ever volume of credit card transactions in October 2019, totalling 203.38 million. That’s an astonishing 12.8% month-over-month and 25.6% year-over-year growth in the credit card transactions volume.
|Reserve Bank of India (RBI)
|India’s Fiscal Year: April 01 – March 31
In September 2019, about 180.29 million transactions were completed using credit cards.
The transactions through credit cards in India increased from just 9.77 million in July 2004 to a whopping 51.24 million in July 2014.
It was December 2016 when the total number of credit card transactions in India crossed 100 million mark for the first time. There are a total of 116.46 million transactions completed through credit cards by Indians in December 2016, registering an appreciable 18.5% month-over-month growth. Since then the figure has been hovering above 100 million, except in February 2017 when only 95.35 million transactions were recorded in the country.
Digital Transactions In India: Additional Information
The internet revolution has resulted in exploded adoption of digital methods of transactions worldwide. The users of Credit & Debit cards, mobile and internet nowadays are far more aware and digitally empowered with making financial transactions. In the last few years, however, digital transactions have branched out into multiple types of financial transactions.
Started with the use of Credit and Debit cards at POS in large retail stores, digital transactions industry has come a long way. The introduction of mobile wallets and UPI have transformed the whole digital transaction industry in India. RTGS (Real Time Gross Settlement), NEFT (National Electronic Fund Transfer), CTS (Cheque Truncation System), IMPS (Immediate Payment Service), NACH (National Automated Clearing House), UPI (Unified Payments Interface) and PPI (Prepaid Payment Instruments) are the main type of financial transactions that fall under the Digital transaction category.
Digital transactions save time and money, resulting in a better bottom line. Customer experiences are also enhanced (think of the convenience of eSigning versus having to print a contract, sign it, and then return it by mail or fax). And digital transactions improve tracking capabilities, which helps reduce errors.
The exploded adoption of smartphones, mobile apps and mobile internet has helped Digital transaction industry to grow at an unprecedented rate. With more than 500 million smartphone users, India is one of the largest countries by the number of digital transactions that are recorded every month.
The above graph is a part of Dazeinfo GraphFarm – the most trusted source of hundreds of thousands of market graphs. Our team of researchers mines millions of data points every month to bring the most updated and validated set of data points representing the comprehensive view in a graphical format. From mobile to e-commerce, from Retail to healthcare, from startups to SMEs we have carefully designed thousands of graphs for those who value and understand the importance of data visualisation.