More Indians are now tapping mobiles to pay than cards

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The subdued spends on credit cards in FY21 also reflected in banks’ credit growth.

Synopsis

The number of card-based transactions through credit and debit modes decreased by 19 per cent and 20.6 per cent, respectively in FY21. The value of these card-based transactions, too, fell by 13.7 per cent and 5.9 per cent, respectively to Rs 6.3 lakh crore and Rs 6.6 lakh crore.

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Mumbai: Indians, facing restrictions due to the Covid-19 pandemic over the course of the last fiscal, used more of mobile-based digital payments such as Unified Payments Interface (UPI) and Bharat Bill Payment System (BBPS) and less of their credit and debit cards, according to data released by the Reserve Bank of India in its FY21 annual report on Thursday.

The number of card-based transactions through credit and debit modes decreased by 19

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