Debit cards continued to gain in popularity in India in the
2008/09 fiscal year to 31 March with the number in issue at the end
of the period standing at 137.4 million, up 34.2 percent compared
with the end of 2007/08, according to the Reserve Bank of India
(RBI).
The number of debit card transactions increased at an even faster
pace, rising 44.6 percent compared with 2007/08 to 127.7 million
while the total value of transactions advanced by 48.1 percent to
INR185.47 billion ($3.9 billion).
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The increase in both the number and value of transactions was
significantly higher than during the period 2003/04 to 2007/08 when
CAGRs of 23.6 percent and 26.6 percent, respectively were
recorded.
Credit cards experienced a far tougher year, with the number of
cards in issue actually falling from 27.5 million at the end of
2007/08 to 24.7 million.
There was, however, continued growth in the credit card sector with
the number of transactions increasing by 13.8 percent to 259.6
million and the value of transactions increasing by 12.7 percent to
INR653.56 billion.
Growth in the number and total value of credit cards transactions
was considerably below CAGRs of 22.8 percent and 34.6 percent,
respectively, recorded between 2003/04 and 2007/08.
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