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Credit Cards Update: There has been a strong increase in demand for credit cards in the country. The banking sector regulator has released a report by the Reserve Bank of India (RBI), according to which the number of credit cards in the last five years from December 2019 has been more than doubled to about 10.80 crores. However, during this time the number of debit cards has been relatively stable.
The RBI report said that in the end of December 2024, the number of credit cards increased to about 10.80 crores more than doubled compared to December 2019. 5.53 crore credit cards were in circulation in December 2019. In contrast, the number of debit cards has been relatively stable, which has increased slightly from 80.53 crores in December 2019 to slightly more than 99.09 crore in December 2024.
Digital payments have increased rapidly in India in the last decade. In the calendar year 2013, 222 crore digital transactions worth Rs 772 lakh crore were done, and in 2024 it increased by 94 times in terms of number 20,787 crore transactions and price increased 3.5 times from 3.5 times to Rs 2,758 lakh crore.
The payment system report of December 2024 said, “In the last five years, 6.7 times in terms of digital payment transactions in India and 1.6 times in terms of value. This reflects an annual increase of 45.9 percent in terms of digital payments in the last five years and an annual increase of 10.2 percent in terms of price. ”
The RBI said in its report that it is constantly making efforts to accelerate the cross border payment through Linking UPI to promote fast payment system with other countries. RBI said, through such linkage, problems like high cost, low speed, limited access and lack of transparency can be solved through such linkage. Bhairat’s UPI and Singapore’s paynow were linked in February 2023.
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