The Indian consumer’s festive fervor, combined with GST rationalisation, has driven credit card spending to new highs. According to the Reserve Bank of India (RBI), average credit card expenditure surged by 15% year-on-year in September, reaching ₹19,107 per card.

Leaders in the Spending Race:

• HDFC Bank topped the charts with an average spend of ₹23,958 per card.

• ICICI Bank followed with ₹22,317, while Axis Bank clocked ₹16,884.

• Even public sector banks reported notable growth, reflecting deeper credit penetration.

Digital Momentum:
Online spending jumped 25% YoY to ₹1.44 trillion, and transactions through point-of-sale machines grew 19.2% YoY to ₹72,544 crore.
E-commerce platforms like Amazon and Flipkart drove this surge through mega festive sales and lucrative reward programs.

Finacare Insight:
The trend highlights India’s consumption-led recovery, with millennials and urban professionals increasingly using credit for lifestyle and convenience. For banks and NBFCs, this is a cue to strengthen digital lending infrastructure and reward-linked financial products.

Investor Takeaway:
Credit-focused NBFCs, payment solution providers, and leading card issuers may continue to see healthy growth as consumer sentiment stays buoyant.