The number of credit cards in India with a tendency to save has increased more than double the number of credit cards in five years. The report released on Monday by the Reserve Bank of India (RBI) said that the number of credit cards in five years has more than doubled to about 10.80 crores. According to PTI news, although the number of debit cards has been relatively stable. In the end of December 2024, the number of credit cards has increased by more than 10.80 crores as compared to December 2019, when 5. 53 crore cards were in circulation. Conversely, the number of debit cards has been relatively stable, which increased to 80.53 crores in December 2019 with a slight increase in December 2024, slightly more than 99.09 crores.
Digital transactions jumped tremendously
The SBI report also said that digital payments in India have increased rapidly in the last decade. In the calendar year 2013, there were 222 crore digital transactions, which were priced at Rs 772 lakh crore, while in the calendar year 2024, it increased by 94 times and the price increased by more than 20,787 crore transactions, which were valued at more than 3.5 times the price. It is Rs 2,758 lakh crore. The payment system report of December 2024 states that in the last five years, the amount of digital payments in India has increased 6.7 times and the price has increased by 1.6 times. This is 45.9 percent in terms of digital payment quantity and a five -year CAGR of 10. 2 percent in case of price of digital payment.
Work towards increasing border pay payments
The RBI said in its report that it is working towards increasing the border payment by connecting UPI with the fast payment system of other countries. This said that such connectivity helps to solve issues of high cost, low speed, limited access and transparency in across the border. The fast payment system of India (UPI) and Singapore (Pay Now) was added in February 2023. The RBI has also participated in the project Nexus, which is a multilateral international initiative to enable immediate cross -border payments by connecting domestic fast payment systems of many countries.
Payments enabled in these countries
According to the news, traders have been capable of paying traders by using the Indian UPI app through QR code in Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka and UAE. Central bank deputy governor T. Rabi Shankar said in the report that when it comes to payment systems, the Reserve Bank has always tried to stay ahead. Encouraging innovation in the payment sector has been the bank’s policy. Inspired by innovation and regulatory support, our payment system has become one of the most modern worldwide. Retail Digital Payment in India has increased from 162 crore transactions in the financial year 2012-13 to more than 16,416 crore transactions in the financial year 2023-24, i.e. about 100 times the increase in 12 years.
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(Tagstotranslate) Credit card (T) Debit Card (T) Credit Cards (T) Credit Cards in India (T) Credit cards in India in the last 5 years
