Archive · 1 Sep 2026
Credit Card Transactions Surge as Average Spending Falls in July
In July 2026, people in India used credit cards more often than they did a year earlier.
There were 601 million credit card transactions during the month.
However, total spending grew much more slowly, reaching ₹2.08 lakh crore.
This means each payment was usually smaller than before.
One reason may be that RuPay credit cards connected to UPI are being used for small purchases.
Punjab National Bank showed how UPI-linked credit card payments can increase transaction numbers.
Its credit card transactions rose sharply, although the bank remains a small part of the overall market.
The data does not prove that UPI caused all of the industry-wide increase in transactions.
Credit card transactions rose 24.1% year-on-year to 601 million in July 2026.
Total credit card spending increased 7.4% to ₹2.08 lakh crore.
Average spending per transaction fell 13.5% year-on-year to ₹3,460.
The decline was partly linked to smaller RuPay credit card payments through UPI.
Average monthly spending per card fell 2.4% year-on-year to ₹16,812, despite rising 2.2% from June.
- Who
- Credit card users, card issuers, the Reserve Bank of India, and banks including Punjab National Bank, HDFC Bank, State Bank of India, and ICICI Bank.
- What
- Credit card transaction volumes rose sharply in July 2026 while average transaction and monthly per-card spending declined year-on-year.
- When
- July 2026, compared with July 2025 and June 2026 where stated.
- Where
- India.
- Why
- The ACMIIL report linked part of the lower average transaction value to growing use of RuPay credit cards connected to UPI for smaller payments; the articles do not establish that UPI caused all transaction growth.
- Transactions
- 601 million in July 2026, up 24.1% year-on-year.
- Total spending
- ₹2.08 lakh crore, up 7.4% year-on-year.
- Average transaction
- ₹3,460, down 13.5% year-on-year.
- Average monthly spend per card
- ₹16,812, down 2.4% year-on-year and up 2.2% from June.
- Punjab National Bank transactions
- 5.2 million in July, up 8.9% from June after a six-fold rise in June.
- Punjab National Bank spending
- Up 173% year-on-year and 8.6% month-on-month in July.
- Largest average monthly spend
- HDFC Bank led at ₹22,322 per card, followed by State Bank of India at ₹17,392 and ICICI Bank at ₹17,278.