Spending on credit cards drops in November as the festive season ends

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Mumbai: Spending through credit cards was Rs 1.61 trillion in November, down by ten percent compared to October. In October of the current year, the figure was 1.78 trillion rupees.

Spending through credit cards remained high in October following the festive season.

On an annual basis, the spending through credit cards has increased by 39 percent in November.

E-commerce purchases remained low in November as the festive season ended. Point of sale payments increased to Rs 59,014.93 crore from Rs 57,774.35 crore in November, while e-commerce payments, which stood at Rs 120,794.40 crore in October, declined to Rs 10,1628.71 crore in November.

As the festive season ended in the first fortnight of November, the use of credit cards declined.

Spending through credit cards may have declined, but last month the number of credit cards increased by 19 percent year-on-year to 9.60 crore, compared to October, the increase was 1.36 percent.

Loan growth in the credit card industry is expected to slow as a result of the RBI's decision to increase risk weight on unsecured lending.

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