Card spending reached a record Rs 1L crore in March, up 20% year-over-year

MUMBAI: In March, online credit card spending surpassed Rs 1 crore for the first time, totaling Rs 1,04,081 crore. Online card spending increased by 10% from Rs 94,774 crore in February 2024 and 20% from around Rs 86,390 crore in March 2023.

In March, offline transactions (those made using point-of-sale devices) totaled Rs 60,378 crore, a 19% increase from Rs 50,920 crore the previous year.

March 2024 saw a 20% increase in credit card spending, totaling Rs 1,64,586 crore compared to Rs 1,37,310 crore the previous year.
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After surpassing 10 crore for the first time in February, the nation had 10.2 crore credit cards at the end of March, a 20% increase from 8.5 crore the previous year.