Credit card spends hit ₹1.84L Cr in Jan 2025, but UPI still leads the game

In January 2025, credit card expenditures rose to ₹1.84 lakh crore, marking a growth of 10.8%. Customers of ICICI and HDFC Banks had the highest expenditure. In five years, the quantity of credit cards rose to 10.8 crore. UPI has a leading 83% share in the realm of digital payments. Between 2018 and 2024, UPI transactions amounted to 17221 crore, leading to a decline in the use of conventional payment systems.

In India, the trend of digital payment is escalating quickly. In January 2025, the credit card expenditure of consumers amounted to Rs 1.84 lakh crore. This figure exceeds last year’s by 10.8%. Nonetheless, the UPI (Unified Payment System) remains predominant in the realm of digital payments. Approximately 83 percent prefer it as their online payment method. Provide us with a comprehensive account of the credit card and UPI trends.

Prevalence of HDFC and ICICI Bank

• Users of HDFC Bank credit cards made expenditures totaling Rs 50,664 crore, marking a growth of 15.91%.

• Customer expenditure at ICICI Bank reached Rs 35,682 crore, marking a growth of 20.25%.

• SBI credit card holders’ expenditures amounted to Rs 28,976 crore, reflecting a 6% decrease compared to the previous year.

• Customer expenditure for Axis Bank amounted to ₹20,212 crore, reflecting a decrease of 0.45%.

A sharp increase in the number of credit cards

RBI data shows that the number of credit cards has increased more than twofold in the past five years, reaching 10.8 crores. In January, HDFC Bank released 2,99,761 new credit cards. SBI issued 2,34,537 new credit cards. Simultaneously, ICICI Bank released 183,157 new credit cards.

The share of UPI in digital payments is 83%.

A recent RBI report states that UPI has emerged as the largest channel for digital payments. The share rose from 34% in 2019 to 83% by 2024. The proportion of other payment systems (RTGS, NEFT, IMPS, Credit/Debit Cards) fell to 17%. From 2018 to 2024, the number of UPI transactions rose from 375 crore to 17,221 crore. The transaction value totaled through UPI rose from ₹5.86 lakh crore in 2018 to ₹246.83 lakh crore in 2024.

The new data indicates a rapid growth in credit card spending. Private lenders such as HDFC Bank and ICICI Bank are spearheading this. The number of credit card users is rising, yet UPI remains the leader in digital payments. UPI’s contribution has attained 83% by 2024. This has lessened the prevalence of conventional payment systems.

Read More: Income Tax Dept monitors 40,000 taxpayers check if you’re on the list!