Credit Cards Update: The nation has seen a sharp rise in the demand for credit cards. The Reserve Bank of India (RBI), which oversees the banking industry, published a report stating that, since December 2019, the number of credit cards has more than doubled to approximately 10.80 crores over the previous five years. Nonetheless, during this time, the quantity of debit cards has stayed comparatively constant.
According to the RBI report, compared to December 2019, the number of credit cards more than quadrupled to approximately 10.80 crores by the end of 2024. In December 2019, there were 5.53 crore credit cards in use. Debit card usage, on the other hand, has stayed largely constant, rising slightly from 80.53 crores in December 2019 to just over 99.09 crores in December 2024.
Over the past ten years, digital payments have expanded quickly in India. In 2013, there were 222 crore digital transactions totalling Rs 772 lakh crore. By 2024, this number is expected to increase 94 times to 20,787 crore transactions, and its value would increase 3.5 times to Rs 2,758 lakh crore.
According to the Payment Systems Report published in December 2024, “Over the previous five years, digital payment transactions in India increased 1.6 times in value and 6.7 times in volume. Over the previous five years, the volume and value of digital payments have increased by 45.9 and 10.2 percent, respectively, annually.
In its report, the RBI stated that it is continuously working to develop quick payment systems with other nations by connecting UPI in an effort to accelerate cross-border payments. According to the RBI, issues like high costs, slow speeds, restricted access, and a lack of transparency in cross-border remittance payments can be fixed with this kind of connection. In February 2023, Singapore’s PayNow and India’s UPI were connected.
Read More: Budget 2025: Recognize these words It will be simple to listen to the Finance Minister’s budget address well in advance of February 1.
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