E-commerce gives a boost to credit cards in India - With the resurgence in online

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With the resurgence in online shopping, use of credit cards to complete transactions is fuelling a surge in usage.

In This Pic : E-commerce gives a boost to credit cards in India

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Data from RBI states sequential growth in credit card spends in the country have grown 8% to Rs 44,980 crore during the first quarter ending June 30 2014 as against Rs 41,861 crore during the last quarter of 2013-14.

In This Pic : E-commerce gives a boost to credit cards in India

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Axis Bank has seen its average monthly credit card spends move up from Rs 400 crore during FY 13 to Rs 725 crore during FY 14. Moreover, during the second quarter of FY 15, the average credit card monthly spends were Rs 1,100 crore for the bank from Rs 650 crore a year ago.

In This Pic : E-commerce gives a boost to credit cards in India

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"A lot of the e-commerce growth is through cards. Customers are getting confident about using chip-based cards too and the sense of security is on the rise," Jairam Sridharan, president, retail lending and payments, Axis Bank said.

In This Pic : E-commerce gives a boost to credit cards in India

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Similarly, HDFC Bank has witnessed a 30% year-on-year growth in second quarter. "Online e-tailing and bill payments and travel have been the main drivers," Parag Rao, senior executive vice president, business head, card payment products and merchant acquir ing services, HDFC Bank said.

In This Pic : E-commerce gives a boost to credit cards in India

Pic Courtesy : BCCL - Non Copyright