This Diwali saw more Indians lining up at stores and swiping their cards, than those sitting at home and ordering things.
According to data available with the Reserve Bank of India, credit card swipes at point-of-sale terminals rose 24% month-on-month to Rs 39,725 crore in October. From a year ago, the rise in physical credit card transactions stood at 41%. In case of debit cards, the physical spends rose 15.4% month-on-month to Rs 38,227.5 crore in October.
In the week before Diwali, India spent 23,966.5 crore through credit and debit cards on point-of-sale terminals at physical stores. During the same period, the spends on e-commerce websites using cards stood at Rs 19,452 crore.
While spends on digital platform peaked in September, the month of October saw a dip. Total credit card e-commerce spends in October fell to Rs 58,819.8 crore, down 13.2% month-on-month. Similarly, debit card spends on digital platforms dropped 10% from September to Rs 17,157.61 crore.