The country is seeing an increase in the use of credit cards for transactions, and in January, the amount of credit card purchases increased by 33.5 percent year over year.
Consumers used credit cards to make 87 billion rupees worth of transactions in January, increasing 33.5% from the same month last year, according to State Bank data.
Consumers used credit cards to make 65 billion rupees worth of purchases in January of last year. The monthly number of purchases made with credit in January 2022 did not change from December 2022.
Consumers used credit cards to make 87 billion rupees worth of purchases in December.