Credit card circulation increased by 18% to 103.3 million in May

The total number of credit cards in circulation increased by 18% year-on-year (YoY) to 103.3 million in May 2024, up from 87.4 million during the same period last year. The number of cards in force rose by 0.76 million in May. Credit card spending also experienced a surge as in May 2024 it increased by 17% YoY to reach Rs. 1.65 trillion (US$ 19.76 billion). Credit card spends increased 6.45% in May from Rs. 1.55 trillion (US$ 18.56 billion) in April 2024. In terms of market leaders, HDFC Bank continues to be the market leader in the number of cards in force, which is followed by SBI Cards, ICICI Bank, and Axis Bank.

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