Credit Cards Sector Check - Spends Rise Above Pre-Covid-19 Levels: ICICI Securities
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ICICI Securities Report
Total credit card spends rose 19% month-on-month in July 2021.
July-21 credit card spends came in at Rs 749 billion, surpassing monthly peak spends seen in March 2021 (Rs 723 billion) and October 2019 (Rs 712 billion).
Ratio of credit card spends to debit card spends remained stable on month-on-month basis at 1.24 times in July-21 (this ratio was less than one time in April-December 2020).
Average credit card spends per day (off–us transactions) saw continued improvement till Aug-21 but moderated in September 2021 till now.
Credit card spends per day improved from Rs 13.8 billion/12.7 billion/15.9 billion/18.1 billion in April-21-July-21 to Rs 19.2 billion in Aug-21 and Rs 18.1 billion in Sept-21.
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