Credit cards gain more currency pipping debit cards for e-commerce

They overtake debit cards for e-commerce and bill payments but remain a minuscule portion of personal loans

On August 24, the Reserve Bank of India lifted the 15-month restriction placed on American Express to acquire new domestic customers. The central bank had imposed restrictions on American Express and Diners Club for non-compliance with its April 2018 circular on the storage of payment system data. It lifted the ban on Diners Club in November 2021.

While American Express was banned from issuing new credit cards, the credit card market witnessed a significant upsurge during this period. A Business Standard analysis found that 76.9 million credit cards were operational till May — a 23 per cent increase compared to