Prior to the Diwali week, shopping through card payments has risen by 20%. The growth is likely to be even higher over the Diwali week.
While the credit spends have been on the downslide for some time, debit card payments have been uptick.
Segments like cosmetic stores, salons, opticians and book stores witnessed growth in excess of 20%. Home appliances and furnishings segment saw 30% growth; while apparel and fashion retail witnessed 22% growth. There was a significant rise in transaction volume.
During last week of October, all regions in India established growth in the range of 15-25%. Delhi being the highest at 24% , Mumbai and Bangalore at 21%
SOURCE : Business Line, TOI