Credit Card Spends Rise 15% In May
The credit card industry added 7.62 lakh new cards during May. HDFC Bank led with 2.75 lakh additions, followed by YES Bank with 1.84 lakh new cards, SBI Card at 1.27 lakh and Axis Bank added 1.06 lakh new cards: Reports
MUMBAI: Summer travel and a strong momentum in e-commerce shopping saw credit card spends rise to Rs 1.9 lakh crore in May 2025 marking a 3 per cent month-on-month and 15 per cent year-on-year increase, according to data released by the Reserve Bank of India (RBI).
Most of the spends were through online shopping using credit cards due to attractive discounts and deals offered by e-commerce platforms. The share of e-commerce in the total credit card spending was 63.3 per cent in May, marginally up from 63.1 per cent. The average transaction
size for e-commerce was Rs 5,200, compared to Rs 2,900 for POS (point-of-sale) spends.
The spends in April had fallen to Rs 1.84 lakh crore after a record high of Rs 2 lakh crore in March.
The credit card industry added 7.62 lakh new cards during May. HDFC Bank led with 2.75 lakh additions, followed by YES Bank with 1.84 lakh new cards, SBI Card at 1.27 lakh and Axis Bank added 1.06 lakh new cards.
Overall digital merchant payments across instruments rose 20.6 percent year-on-year to Rs 9.4 lakh crore in May.