Mumbai: In February this year, the expenditure through credit card came to a seven -month low to Rs 1.67 trillion. Credit card use has declined due to pressure on unsafe loans and increasing domestic loans. The expenditure through credit card in January was Rs 1.84 trillion. In February last year, the expenditure through credit card was Rs 1.49 trillion.
E-commerce payment via credit card was Rs 1.05 trillion in February, compared to Rs 1.15 trillion in January. Apart from this, according to the data of the Reserve Bank, the point of sale was spent Rs 62,124.91 crore in February, which was Rs 69,429.40 crore in January.
The pressure of unsafe loans has increased in the last few months. Not only this, the burden of domestic debt is also increasing.
Apart from the reduction in cost, the amount of new card issuing has also decreased. The increase in debt burden is also changing the way consumers spend.
By the end of February, the total number of credit cards in the country was 109.3 crore. The data of the Reserve Bank also shows that 4.40 lakh new credit cards were added in February compared to 8.10 lakhs in January.
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