30 Percent Rise On Credit Card Spending, Decline In Loan Growth


BANGALORE: A sharp jump in the credit card spending in the past one year indicates consumers have started buying more goods and services, which is perhaps an early sign of revival in Asia’s third-largest economy. Even the loans for the banking sector are not growing up to the expected rate. However the credit card spending is rising upwards of 30 per cent annually reports live mint.  Adding to this, some entities seems to grow even at a faster rate. Jairam Sridharan the head for consumer lending and payments said “At Axis Bank, the credit card spends have been growing at 80 per cent on a year-on-year basis".

According to the experts it is not the numbers at the credit card base that are increasing but the spending per card has been increasing rapidly. It seems that last year Axis Bank saw a value transaction of 31.77 million on ATMs and of 5,845 Mn on Point of Sales (POS) terminals. This April, on ATM it had shot up to 88.8 Mn and on POS to 10,340 Mn. In combined value, a jump of 77 per cent.