New Delhi [India], 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.
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