The above graph represents the number of credit card transactions in India by quarter, starting from fiscal Q1 2005 to fiscal Q1 2020. The credit card transactions include credit card usage at ATMs and POS (point of sale). In fiscal Q1 2020, a hefty 504.99 million credit card transactions were recorded in India, representing 12.2% of total card transactions during the quarter.
|Source||Reserve Bank of India (RBI)|
|Last Updated||16 August 2019|
|Note||India’s Fiscal Year – April 01 – March 31|
Interestingly, fiscal Q1 2020 ended in June 2019 was the first time when the total number of credit card transactions crossed 500 million mark, with an impressive 23.5% YoY and 8.4% QoQ growth.
The fiscal Q3 2017 (Oct-Dec 2016) recorded a notable 25.1% QoQ in the number of transactions done through credit cards, due to the demonetisation of Rs 500 and 1000 notes in the country. The credit card transactions in volume increased from 243.18 million in fiscal Q2 2017 to 304.26 million in fiscal Q3 2017.
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.