Credit card exceeds debit card transactions in India: RBI

New Delhi, June 13 (KNN) The usage of credit cards has surpassed debit cards in India, as per the data by Reserve Bank of India (RBI) which reveals that the total value of credit card transactions was Rs 1.33 lakh crore as compared to Rs 53,00,000 for debit cards.

With 25 crore merchant card transactions in April of this year compared to 22 crore in April of the previous year, the usage of credit cards has left debit cards behind.

Credit card transactions in India are on the rise. While India has traditionally been a debit card nation, credit card transactions are on the rise, as per the Central Bank.

In the past year the number of credit card swipes increased by 20%, while the number of debit cards declined by 31%. 

These are consumer transactions that take place both online and in physical stores.

There are currently 8.5 crore credit cards in India as compared to 7.5 crore last year. Three years ago, there were fewer than 5 crore credit cards.  (KNN Bureau)