The number of credit cards in the country doubled in 5 years!
There has been a strong increase in the demand for credit cards in the country. The reserve bank of india (RBI), the regulator of the banking sector, has released a report according to which the number of credit cards has more than doubled to around 10.80 crores in the last five years from december 2019. However, the number of debit cards has remained relatively stable during this period.
The RBI report said that the number of credit cards at the end of december 2024 more than doubled to around 10.80 crores as compared to december 2019. There were 5.53 crore credit cards in circulation in december 2019. In contrast, the number of debit cards has remained relatively stable, increasing marginally from 80.53 crores in december 2019 to a little over 99.09 crores in december 2024.
wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital payments have grown rapidly in india over the last decade. In calendar year 2013, there were 222 crore wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital transactions worth Rs 772 lakh crore, and it increased 94 times in number to 20,787 crore transactions and 3.5 times in value to Rs 2,758 lakh crore in 2024.
The Payment Systems Report of december 2024 said, "Digital payment transactions in india grew 6.7 times in terms of volume and 1.6 times in terms of value in the last five years. This represents an annual growth of 45.9 percent in terms of wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital payment volume and 10.2 percent in terms of value in the last five years."
RBI said in its report that it is constantly trying to speed up cross border payments by linking UPI with other countries to promote fast payment systems. RBI said, through such linkage, problems like high cost, low speed, limited access and lack of transparency in cross-border remittance payments can be resolved. India's UPI and Singapore's PayNow were linked in february 2023.
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