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Record Rs 2,167 Billion Credit Card Spends Amid Festive Sales Boom

Credit card spending in India reached a historic high of Rs 2,167 billion in September. This remarkable growth was primarily fueled by online transactions during festive sales. Major banks like SBI Cards and ICICI Bank saw significant monthly increases in spending. The ongoing shift toward digital payments continues to drive credit card usage across the country.

Key Points: Credit Card Spends Hit Record Rs 2167 Billion in September

  • Total credit card spends grew 23% year-on-year to Rs 2,167 billion
  • Online transactions surged 25.1% YoY while POS spending remained flat
  • SBI Cards led growth with 22.9% monthly increase adding Rs 75.6 billion
  • Four major banks contributed Rs 260 billion collectively to total spending
  • Online share in total spends jumped from 61.9% to 66.5% in one month
2 min read

Festive sales boost online credit card spends to record high of Rs 2,167 billion: Report

Credit card spending reaches all-time high of Rs 2,167 billion driven by festive e-commerce sales, with online transactions surging 25% year-on-year.

"Credit card spends touched an all-time high of Rs 2,167bn, adding approximately Rs 255bn to total spends. This growth was primarily driven by online spends. - ACMIIL Report"

New Delhi, November 4

Credit card spends in the country touched an all-time high of Rs 2,167 billion in September, supported by strong growth in online transactions, according to a report by ACMIIL, a stock market company.

The report highlighted that total credit card spends registered a growth of 13.4 per cent month-on-month (MoM) and 23 per cent year-on-year (YoY), adding approximately Rs 255 billion to total spends.

It stated "Credit card spends touched an all-time high of Rs2,167bn, adding approximately Rs255bn to total spends. This growth was primarily driven by online spends."

The rise was primarily driven by online spends, which surged 21.7 per cent MoM and 25.1 per cent YoY, while point-of-sale (POS) spends remained largely unchanged compared to the previous month.

The report noted that the growth in overall card spends was led by four major banks, SBI Cards, ICICI Bank, Axis Bank, and HDFC Bank.

SBI Cards reported a 22.9 per cent MoM increase, adding Rs75.6 billion in spends, while ICICI Bank saw a 21.5 per cent MoM rise, contributing Rs74.3 billion.

Axis Bank recorded a 19.7 per cent MoM increase, adding Rs42.8 billion, and HDFC Bank registered a 12.5 per cent rise, adding Rs67.1 billion.

Together, these four banks contributed an aggregate of around Rs260 billion to the total spends during the month.

The report added that this strong performance was largely supported by e-commerce festive sales on major platforms such as Amazon and Flipkart, where these leading banks acted as major payment partners, driving a spike in online transactions.

Among top banks, IndusInd Bank was the only lender to witness a decline in monthly spends, which fell 13.5 per cent MoM.

As online transactions continued to gain momentum, their share in total spends increased by 458 basis points, from 61.9 per cent in August 2025 to 66.5 per cent in September 2025. Meanwhile, the POS share declined from 38.1 per cent to 33.5 per cent during the same period.

The report pointed out that the ongoing shift towards digital payments, coupled with festive season offers and cashback schemes, continues to fuel the growth in credit card usage across the country.

- ANI

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Reader Comments

R
Rohit P
While this growth is impressive, I'm concerned about the rising household debt. Many people are getting carried away with EMI culture without thinking about repayment capacity. We need financial literacy along with digital growth.
A
Arjun K
The shift to online payments is clearly visible everywhere. Even my parents who were hesitant about digital payments are now comfortable using cards for online shopping. Great to see India embracing digital economy! 💳
S
Sarah B
As someone who works in retail banking, these numbers don't surprise me. The festive season campaigns by major banks were extremely aggressive. ICICI and HDFC were offering instant discounts on almost every platform.
V
Vikram M
Interesting to see IndusInd Bank being the only one with declining spends. Maybe they need to improve their festive offers or partner with more e-commerce platforms. Competition in banking sector is really heating up!
K
Kavya N
This shows how much Indians love festivals and shopping! Diwali, Dussehra, and the wedding season all contribute to this spending boom. Our economy is definitely consumer-driven now. 🇮🇳

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