{"id":14989,"date":"2020-08-14T09:57:12","date_gmt":"2020-08-14T09:57:12","guid":{"rendered":"https:\/\/bengalnewstimes.com\/?p=14989"},"modified":"2020-08-14T09:57:12","modified_gmt":"2020-08-14T09:57:12","slug":"debit-credit-card-use-climbs-back-to-pre-covid-level-consumer-spending-rises-amid-layoffs-salary-cuts","status":"publish","type":"post","link":"https:\/\/bengalnewstimes.com\/?p=14989","title":{"rendered":"Debit, credit card use climbs back to pre-COVID level; consumer spending rises amid layoffs, salary cuts"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"article-image\">\n<figure><img loading=\"lazy\" decoding=\"async\" class=\"lazy lazy-hidden wp-image-2024835 size-full\" data-lazy-type=\"image\" src=\"https:\/\/images.financialexpress.com\/2020\/07\/card-1.jpg\" alt=\"\" width=\"660\" height=\"440\" srcset=\"\" sizes=\"auto, (max-width: 660px) 100vw, 660px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"lazy lazy-hidden wp-image-2024835 size-full\" data-lazy-type=\"image\" src=\"https:\/\/images.financialexpress.com\/2020\/07\/card-1.jpg\" alt=\"\" width=\"660\" height=\"440\" srcset=\"\" sizes=\"auto, (max-width: 660px) 100vw, 660px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-2024835 size-full\" src=\"https:\/\/images.financialexpress.com\/2020\/07\/card-1.jpg\" alt=\"\" width=\"660\" height=\"440\" srcset=\"https:\/\/images.financialexpress.com\/2020\/07\/card-1.jpg 660w, https:\/\/images.financialexpress.com\/2020\/07\/card-1-300x200.jpg 300w, https:\/\/images.financialexpress.com\/2020\/07\/card-1-620x413.jpg 620w, https:\/\/images.financialexpress.com\/2020\/07\/card-1-401x267.jpg 401w, https:\/\/images.financialexpress.com\/2020\/07\/card-1-440x293.jpg 440w, https:\/\/images.financialexpress.com\/2020\/07\/card-1-80x54.jpg 80w, https:\/\/images.financialexpress.com\/2020\/07\/card-1-313x209.jpg 313w\" sizes=\"auto, (max-width: 660px) 100vw, 660px\"\/><\/noscript><\/noscript><span class=\"article-caption\">Transactions using debt and credit cards soared to Rs 1,05,266 crore in June, more than double the figures of Rs 49,807 crore in April.<\/span><\/figure>\n<\/div>\n<p><span style=\"font-weight: 400;\">Value of transactions through credit and debit cards have reached pre-COVID levels after witnessing a major drop in April. The same has jumped 111% in June as compared to April this year, when India was under one of the strictest lockdowns in the world due to the coronavirus pandemic, according to the data by the central bank. Transactions using debt and credit cards soared to Rs 1,05,266 crore in June, more than double the figures of Rs 49,807 crore in April, latest data available with the <a target=\"_blank\" href=\"https:\/\/www.financialexpress.com\/tag\/rbi\/\" rel=\"noopener noreferrer\">RBI<\/a> said. Card use fell from Rs 1,15,877 crore in March as trade and business were brought to a grinding halt amid the pandemic.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The jump in transactions via debit and credit card indicates a pick up in consumer spending after crashing during the lockdown period. In fact, cash withdrawals through ATMs have also witnessed a rise by Rs 1 lakh crore in two months, the report added. On an individual basis, credit card transactions rose from Rs 20,765 crore in April to Rs 42,773 crore in June; and debit card use hiked from Rs 29,043 crore to Rs 62,494 crore. The total value of card transactions in May stood at Rs 80,274 crore.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While many people have borne the brunt of layoffs and salary cuts, the same has not deterred them from starting spending. \u201cConsumers have started spending money amid layoffs and paycuts. People are now going digital to make payments. The rise in card transactions at POS terminals indicates spending is slowly returning to normalcy,\u201d The Indian Express cited a banking source as saying. However, with rising cases all across the country and with states implementing localised lockdown, the situation is unlikely to improve further, the source added.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, the RBI data shows that the credit transfers, including NEFT and IMPS, have also arisen to Rs 24.19 lakh crore in June from Rs 20.18 lakh crore in May and Rs 16.87 lakh crore in April.<\/span><\/p>\n<div class=\"common-bottom-text\">\n<p>Get live <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/\" target=\"_blank\" rel=\"noopener noreferrer\">Stock Prices<\/a> from <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/s-p-bse-sensex-stock-price\/\" target=\"_blank\" rel=\"noopener noreferrer\">BSE<\/a>, <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/nifty-50-stock-price\/\" target=\"_blank\" rel=\"noopener noreferrer\">NSE<\/a>, <a href=\"https:\/\/www.financialexpress.com\/investing-abroad\/\" target=\"_blank\" rel=\"noopener noreferrer\">US Market<\/a> and latest NAV, portfolio of <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/\" target=\"_blank\" rel=\"noopener noreferrer\">Mutual Funds<\/a>, calculate your tax by <a href=\"https:\/\/www.financialexpress.com\/income-tax-calculator\/\" target=\"_blank\" rel=\"noopener noreferrer\">Income Tax Calculator<\/a>, know market\u2019s <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-gainers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Gainers<\/a>, <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-losers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Losers<\/a> &amp; <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/equity-funds\/\" target=\"_blank\" rel=\"noopener noreferrer\">Best Equity Funds<\/a>. Like us on <a href=\"https:\/\/www.facebook.com\/thefinancialexpress\" target=\"_blank\" rel=\"noopener noreferrer\">Facebook<\/a> and follow us on <a href=\"https:\/\/twitter.com\/FinancialXpress\" target=\"_blank\" rel=\"noopener noreferrer\">Twitter<\/a>.<\/p>\n<p class=\"telegram-text\"><img loading=\"lazy\" decoding=\"async\" class=\"telegrma_img\" src=\"https:\/\/images.financialexpress.com\/2020\/04\/telegram.png\" alt=\"\" width=\"24\" height=\"24\" style=\"margin: 0px 5px 4px 0px; float: left;\"\/>Financial Express is now on Telegram. <a href=\"https:\/\/t.me\/TheFinancialExpressOnline\" target=\"_blank\" rel=\"noopener noreferrer\">Click here to join our channel<\/a> and stay updated with the latest Biz news and updates.<\/p>\n<\/div>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\\\"https:\/\/www.financialexpress.com\/industry\/banking-finance\/debit-credit-card-use-climbs-back-to-pre-covid-level-consumer-spending-rises-amid-layoffs-salary-cuts\/2054874\/\\\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Transactions using debt and credit cards soared to Rs 1,05,266 crore in June, more than double the figures of Rs 49,807 crore in April. Value of transactions through credit and debit cards have reached pre-COVID levels after witnessing a major drop in April. The same has jumped 111% in June [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14990,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[36],"tags":[],"class_list":["post-14989","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking-business"],"jetpack_featured_media_url":"https:\/\/bengalnewstimes.com\/wp-content\/uploads\/2020\/08\/card-1.jpg","_links":{"self":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts\/14989","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14989"}],"version-history":[{"count":0,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts\/14989\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/media\/14990"}],"wp:attachment":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}