New Delhi, Nov 29 Compared to the holiday shopping season of 2021, spending increased by 64 per cent and the number of transactions by 31 per cent in 2022, reveals the PayU platform's Insights Report - Festive edition. It examines digital payment transaction trends between the holiday seasons of 2021 and 2022*.
The report also depicted the overall impact of the epidemic on Ind' embrace of digital payments throughout the holiday season. Between the "normal" time of 2019 and the post-pandemic period of 2022, there has been a 245 percent increase in spending and a 130 percent increase in the number of transactions.
India's strong credit preference
This season, credit cards were the most popular form of payment. Interestingly, despite the fact that there are 12 debit cards for every 1 credit card, credit card users spent nearly 5 times as much overall in 2022. In 2022, a credit card user typically spent Rs 6000 compared to a debit card user's Rs 2500. Transactions and purchases made using credit cards increased 42 per cent and 84 per cent, respectively, year over year. Banks giving cashback, reward points, discounts, special offers, and add-on services on cobranded cards and freestanding cards may be one factor.
The fact that repayment of credit
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