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Credit Card Transactions See Significant Growth in FY23: RBI Annual Report

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BusinessHonor - Credit Card Transactions Growth FY23

Business Honor
27 September, 2025

Credit card payments surge as India rushes toward a more digital payment-driven economy

The Reserve Bank of India's (RBI) 2022–2023 Annual Report states that credit card transactions in India increased considerably in terms of both volume and value. When compared to the previous fiscal year, there was a 30.1% increase in the quantity of credit card transactions and a 47.3% increase in the total value of these transactions. This indicates that Indian customers are increasingly using credit cards.

However, the debit card transactions decreased over the same time frame. Debit card transactions decreased by 13.2% in volume and 1.4% in total value. This indicates that more consumers are choosing to pay with credit cards and online options like UPI. The RBI has certified the increase in digital payments to the expansion of payment infrastructure nationwide. The Payments Infrastructure Development Fund (PIDF), established in January 2021, provided funding for this expansion. As a result, by the end of March 2023, there were 77.9 lakh Point of Sale (PoS) terminals, a 28.3% increase. Also, there is a 53.8 lakh Bharat QR (BQR) codes that were used with a 6.7% increase.

The number of Unified Payments Interface (UPI) QR codes had increased at the end of March 2023, by 48.4% to reach 25.64 crore. This shows how quickly QR-based payments are still growing. A point in RTGS and NEFT system transactions was also reported in the study by indicating a rise in high-value and corporate payments. Overall, the data shows that the usage of digital payments is accelerating, particularly through electronic fund transfer platforms, UPI, and credit cards.