Key Points
Credit card transactions surged 30% year-on-year in January despite regulatory restrictions on some business payments through this mode as reward points offered by banks were lucrative, as were the repayment terms, said experts...
Reserve Bank of India (RBI) data showed that credit card transactions increased to 1.7 lakh crore in January from 1.3 lakh crore a year ago..
Experts said the bulk of the online purchases were by the younger generation who also enjoyed the additional credit benefit of equated monthly instalments (EMIs) and 'buy now, pay later' (BNPL) schemes...
Significantly, card spends as well as transactions increased despite the RBI prescribing higher risk weights on unsecured loans, including credit card outstanding...
Ecommerce platforms saw a 37% year-on-year jump in transactions in January and accounted for 65% of card spends during the month compared to transactions on point-of-sale machines, which had a less than 30% share...
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08, Dec, 23The Reserve Bank of India (RBI) has hiked the transaction limit for UPI auto payment limits requiring OTP -based authentication to Rs 1 lakh from Rs 15,000 currently. As per the announcement, new limit will apply on mutual fund subscriptions, insurance premium and credit card repayments. Read on to know the new rules.