Business: The use of credit cards is increasing rapidly in the country. To take advantage of the cashback and offers available through credit cards, people are making more and more payments through it. In July, people have spent about 19 percent more money through credit cards. People have spent about Rs 1.7 lakh crore through credit cards. According to a report, on an annual basis, transactions have increased by 39 percent to 38.4 crores in July 2024. 

HDFC, ICICI and SBI Card included in top 3 

According to a report by SBI Securities, people's trust in credit cards has strengthened. Credit card payments have been simplified. On an annual basis, not only have the transactions increased in July 2024, but the amount spent through them has also increased. This report claims that the maximum transactions have been done through HDFC Bank credit cards. HDFC Bank credit card users have made 9.9 crore transactions in July 2024. After this, ICICI Bank of the private sector has been at the second position. The credit card customers of this bank have made 7.1 crore transactions. SBI Card has got the third position with 6.3 crore transactions. 

Average transaction value also increased, credit card usage will continue to grow in future 

HDFC Bank users have spent Rs 44,369 crore in July. On the other hand, ICICI Bank users have spent Rs 34,566 crore and SBI users have spent Rs 26,878 crore through credit cards. During July 2024, the average transaction value has also increased by 1.4 percent on a monthly basis. The report says that after some time of sluggishness, people have now started spending large amounts through credit cards again. In such a situation, despite the success of UPI, the future of credit cards looks bright in India.