According to data from RBI, Indians choose to shop online with credit cards, while debit cards are more frequently used in physical stores. Data released in March indicates that 7.3 crore credit card holders spent Rs 68,327 crore online, compared to Rs 38,773 crore spent in stores using card readers.
In addition, 91.7 crore debit cards were used for 20.8 crore retail transactions and 11.9 crore online transactions. That means about one in five debit cards were used for in-store purchases, and about one in ten were used for online orders.
The private lender issued the most cards, at 25%, or about 1.3 crore cards. Next is the with 19 lakh cards, having a growth of 16%. is next on the list with its 26% card base adding 90 lakh cards.
Due to an RBI ban on adding new users for nearly eight months,
, the tallest player, ranked fourth. As a result, his card base only increased by 10%.
Have 7.8 lakh new cards,
was the fastest growing of the top five. The bank secured 5.6 lakh cards after launching its differential card service.
With 5.6 lakh cards, SBM Bank, which has worked successfully with fintech start-ups, made it into the top ten.
added 4.6 lakh cards last year, bringing the total number of cardholders to 11 lakh.
Foreign banks saw the biggest decline in FY22, followed by American Express, which was barred from onboarding new customers by the RBI until it met storage criteria Datas.