Credit Card Transactions Surge More Than 26% In Feb 2011

Credit Card Transactions Surge More Than 26% In Feb 2011Transactions worth Rs 6,212.92 crore were took place in India via through credit cards during February this year (2011), recording an increase of 27.82% as against the corresponding month of 2010.

As per the central bank data, credit card deals in February last year remained at Rs 4,923.11 crore.

But, the number of credit cards in circulation have dropped by around 10% to 1.81 crore as on February 28 this year as against 2.01 crore in February 2010.

In April-February period of the fiscal, the overall dealings accomplished through credit cards surged 22.16% to Rs 68,548.36 crore as compared to Rs 56,112.05 crore during the April-February period of 2010-11.

In the meantime, debit card deals during February remained up by 49.44% to Rs 3,304.43 crore as compared to 2,211.16 crore during the same month last year.

As on February 28, 2011, there were 22.23 crore debit cards in operation in India, which was up around 25% as against the number of 17.79 crore in February 28, 2010.

In April-February period, the overall deals conducted via debit cards grew by 47.28% to Rs 35,333.67 crore as compared to Rs 23,990.99 crore during the in the first 11 months of the last financial year.