The usage of credit cards for transactions is on the rise in the country, as evidenced by a significant increase of 33.5 percent in credit card purchases in January compared to the same period last year.
According to data from the State Bank, consumers used credit cards to make transactions worth 87 billion rupees in January, up from 65 billion rupees in January of the previous year.
Although the number of credit card purchases made in January 2022 remained the same as in December 2021, the overall trend of increased credit card usage is evident. In December 2021, consumers used credit cards to make purchases worth 87 billion rupees.
This surge in credit card usage highlights the increasing reliance of consumers on digital payment methods for their transactions, and it is expected that this trend will continue in the future.
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