Transactions worth Rs 7,880.99 crore were carried out in the country through credit cards in May, 2011, registering a growth of 32.7% as compared to the same month last year.
Credit card transactions during May, 2010 were at Rs 5,935.54 crore, according to RBI data.
The number of credit cards in circulation have, however, declined by over 7.1% to 1.76 crore as on May 31, 2011, from 1.90 crore in the same period last year.
As per the data transactions by credit card during the first two months of this fiscal stood at Rs 14,936.39 crore as against Rs 11,409.12 crore in the same period of 2010, up 30.9%
Meanwhile, debit card transactions in May were up by 42% to Rs 4,201.36 crore, as against Rs 2,958.70 crore in the corresponding month last year.
There were over 23.49 crore debit cards in use in the country as on May 31, 2011, up 24.8% over the figure of almost 18.82 crore in the year-ago period.
Transactions by debit cards during April-May period was up 44.6% to Rs 7,906.90 crore as against Rs 5,467.02 crore in the year-ago period.
The latest jump in transaction through credit and debit card signal a continuation of growth observed in the last fiscal, according to experts.
In 2010-11, transactions through credit cards in the country went up by 22.15% to touch Rs 75,515.68 crore in value terms.
Besides, debit card transactions had gone up by 46.46% in the last fiscal to Rs 38,691.88 crore.
