Indian Credit and Debit Card Use to Explode

Indian electronic payments or e-payments for retail purchases has grown by 60% in the last 3 years and is set to grow by a further 70% in the next two years, according to a report by research and consulting firm Celent. The value of retail e-payments reach between US$ 150 Billion to 180 Billion (Rs 750,000 Crore to Rs 900,000 Crore) by 2010.

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RBI report on Credit Card Use in India

The RBI (Reserve Bank of India) released a report at the beginning of the month detailing credit card and debit card use in India. There has been a substantial increase in the use of both these types of cards to make payments. The RBI estimates that the value of India credit card and debit card transactions increased by over 42% in the year 2007-2008. The total value of transactions for the time period being studied stood at Rs 72,000 Crores, which in US Dollars works out to a little over US$ 15.6 Billion.

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