The use of electronic channels, including credit cards, to make payments for various transactions, including shopping is growing at a fast clip in India. The value of total electronic payments (e-payments) showed an almost four-fold growth to cross the Rs 10,00,000 crore (Rs 10,0000 billion)-mark at the end of March 2008.
The value of total electronic payments at the end March 2007 was Rs 2,35,693 crore (Rs 2,356.93 billion). The total number of electronic payments also jumped from 37.87 crore (378 million) in 2006-07 to 53.53 crore (535 million) in 2007-08, according to the Reserve Bank of India data on retail electronic payments.
The credit and debit usage in retail transaction maintained higher growth trajectory. The credit card payments in values terms were up by 40.12 per cent to Rs 57,958.52 crore (Rs 57,9.59 billion) in 2007-08. The number of outstanding credit cards rose to 2.75 crore (27 million) from 2.31 crore (23 million) a year ago.
Though the number of debit cards (10.24 crore) far outweigh the outstanding credit cards (2.75 crore), their value of payments using the former is much less.
The value of debit card payments saw 53.22 per cent jump to touch Rs 12,521.22 crore (Rs 125.21 billion) in 2007-08.
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