Mumbai: Expenditures with Bang.
Quarter July-September has set a new record with a credit card transaction value that is estimated to have crossed Rs 2 Lakh Crore.
According to an industrial payment official, because the transaction in September has matched or exceeded August, L transaction for the quarter will exceed the Crore RS 2 Lakh.
The bank expects expenses to continue due to coordinated online and offline sales coupled with further opening of travel and hospitality.
October can see a new monthly note on a credit card spending 80,000 crore Rs, according to the bank.
Expenditures for credit cards have taken severe hit during the first nine months between the Pandemic (March 2020 to December 2020) with expenses for debit cards beyond credit for this period.
October has begun with Bang thanks to the reopening of the mall and online sales.
“Expenditures were picked up in August with a festival.
Usually, September is seconded but this year we saw a 50% increase from last year even though there was a period of Shraadh when expenditure was bought,” said Kush Mehra, President, Pine Labs, a merchant platform for payment.
According to him, there are many factors at work.
“What is pushing the volume is the size of the shopping cart has increased.
There is also a recording of the deployment of the point-of-sale terminal in small cities.
We plan to add 30,000 terminals in a month.
The average ticket size has risen because of the” Buy Now, Pay later ‘on the card and we have seen 2x growth in our BNPL program, “he said.
Innoviti, a provider of other payment solutions for large retailers throughout the country, was surprised by the surge in sales at the store last weekend despite the Shraadh period.
“The volume is 17-18% higher than the Pre-Shraadh September,” said Rajeev Agarwal, CEO, Innoviti.
“One insight we receive is that media campaigns by e-commerce giants result in an increase in walk-in to the retail showroom and many can change customers,” he said.
Card Spend Hit Rs 2 Lakh Crore High in Q2
