MUMBAI: Indicating rising economic activities, the payments made through debit cards rose around 40 per cent during the first eight months of the fiscal compared to the same period last fiscal, even as the credit card transactions saw an 11 per cent decline.
Debit card payments have increased to USD 368 million during the April-November period from USD 263 million during the corresponding period last fiscal, said the latest Reserve Bank of India bulletin.
According to analysts, rise in debit card payments is on expected lines as financial condition has improved during the last few months.
Debit card payments have been over USD 45 millions each month from July, with the highest-- USD 57 millions-- being in October. In November it touched USD 50 millions.
On the other hand, credit card transactions declined by over 11 per cent in the first eight months of the fiscal shoppers decided against credit purchases.
"It is surprising that payment made through credit cards is on the decline. The credit disbursal has increased by banks and I expect it to go higher in the coming months," said an economist with a leading bank.
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