Credit Card Update: Big news has come for those who have credit cards, if you are still unaware then read it now..

The number of credit cards in India can reach 20 crores by 2028-29. The number of credit cards is increasing at a rate of 15 percent annually. This report has been released by PwC, according to which there has been a strong increase in the credit card industry. If we talk about only the last 5 years, then the number of credit cards has doubled. According to the report, this trend is expected to continue in the coming days.

Not only is there an increase in the number of credit cards issued, but transactions in the credit card industry are also increasing rapidly. There has been a rapid increase of about 22 percent in transaction volume. On the other hand, if seen in terms of transaction value, then this increase has been 28 percent.

A big thing has also been said in this report there has been a decline in the use of debit cards. Debit card transactions have fallen in both volume and value, which shows the preferences of the customers. In the financial year 2023-24, the volume of debit card transactions fell by 33 percent. At the same time, on a year-on-year basis, the expenditure from debit cards has come down by about 18 percent.

One of the major reasons for the decline in debit card transactions is the popularity of UPI. It is very easy for people to use it and now UPI has become quite popular in small to big shops. One of the major reasons for its popularity is that it has zero merchant discount rate i.e. MDR. That is, the vendor does not have to pay any money.

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