0.78m credit cards<\/a> in the month vs 0.76m in May’24 and 1.6m in Oct’23, down 33 per cent m\/m, 45 per cent y\/y.”<\/p>\n\n\n\nHowever, it also noted a steady recovery in October 2024, with a decent pace of growth in card additions and improvement in cards in force (CIF). Despite this decline, net additions in October 2024 were higher than in June 2024, contributing to a 16 per cent quarter-on-quarter (q\/q) rise in cards in force.<\/p>\n\n\n\n
The report also highlighted that the total spending through credit cards reached \u20b91.78 trillion in October 2024, reflecting a 13 per cent year-on-year growth. In terms of transaction volume, spends grew by 35.4 per cent y\/y to \u20b9433 trillion during the month.<\/p>\n\n\n\n
Shift in Spending Habits: PoS Transactions Rise as E-Commerce Share Declines in Credit Card Spending<\/strong><\/p>\n\n\n\nThere has been a shift in the spending composition when it came to the point-of-sale (PoS) transactions and e-commerce.<\/p>\n\n\n\n
In the month of October 2024, the e-commerce’s share in total spending value dropped to 61% from earlier 65% in September. On the other hand, the PoS transactions increased from 35% to 39% this month.<\/p>\n\n\n\n
As per the report, “PoS and e-commerce volumes continued to move in favour of the former, now approx. 51 per cent, while the latter’s share declined to approx. 49 per cent.”<\/p>\n\n\n\n
In transaction volumes, the preference continued to move towards PoS transactions. PoS transactions now account for approximately 51 per cent of total credit card transactions.<\/p>\n\n\n\n
Though the growth numbers in card additions look grim, the industry still shows sign of gradual improvement. The increasing cards in force and stable spending trends indicate a steady recovery in the credit card market, even as shifts in spending habits emerge.<\/p>\n\n\n\n
The data reflects a cautious but positive outlook for the credit card industry amid evolving consumer preferences. (ANI)<\/p>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
All is not that well with the credit card industry since the company is witnessing the credit card numbers plummeting. As compared to a sales of 16 lakh credit cards issued in the month of October 2023, this year \u2018s October saw the sales decline significantly by 45% YoY to 7.8 lakh. The sales in […]<\/p>\n","protected":false},"author":26,"featured_media":1287953,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[3468,6604],"class_list":["post-1287883","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-credit-cards","tag-issuance-of-new-credit-cards"],"acf":[],"yoast_head":"\n
Issuance Of New Credit Cards Drop 45% YoY In October - Trak.in - Indian Business of Tech, Mobile & Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/issuance-of-new-credit-cards-drop-45-yoy-in-october\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Issuance Of New Credit Cards Drop 45% YoY In October - Trak.in - Indian Business of Tech, Mobile & Startups\" \/>\n<meta property=\"og:description\" content=\"All is not that well with the credit card industry since the company is witnessing the credit card numbers plummeting. As compared to a sales of 16 lakh credit cards issued in the month of October 2023, this year \u2018s October saw the sales decline significantly by 45% YoY to 7.8 lakh. 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<\/figure>\n\n\n\n