Statistalk

Credit cards losing relevance

Hamsini Karthik | Updated on: Jun 15, 2022

Five years ago, if a bank wasn’t in the credit cards space, then it was missing something. But does that novelty value hold true now? Unified payment interface or UPI has fast outpaced credit cards (and debit cards) in terms of usage. Customers’ use of a credit card in a year has reduced to just about three times in FY22, down from over around four times in FY18. The credit cards industry outstanding in rupee terms at ₹9.75 lakh crore has increased by 16 per cent roughly CAGR since FY18, while UPI’s growth has been exponential at ₹84 lakh crore market. Banks will soon have to work out alternatives to credit cards to remain relevant in fast expanding online payments space

Published on June 14, 2022
COMMENTS
  1. Comments will be moderated by The Hindu editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.

You May Also Like

Recommended for you