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The use of credit cards is increasing rapidly in many cities

The use of credit cards is increasing rapidly in many cities

The use of credit cards is increasing rapidly in Tier-2 and Tier-3 cities of India. Even small cities of the country are now becoming the center of financial activities. Today, almost all the big brands are entering small towns and cities, due to which the activities related to manufacturing and service sector are also increasing rapidly in these cities. Due to this, there is a strong boom in economic activities here. These small cities of the country are now writing a new story of opportunities in the entire process of financial inclusion and its adoption. While on the one hand economic activities are increasing, the demand for credit cards in these Tier-2 and 3 cities of India is also increasing continuously. According to the latest data of RBI, the reach of credit cards in Tier-1 cities is currently 65%, compared to this, its reach in Tier 2 and 3 cities has been very low. But now it is really very encouraging to see this type of growth in these small cities and towns of India.

Credit card usage increased 3.5 times in the last quarter of FY 2024
According to Jet, a fintech institution that provides access to customers to financial institutions, the demand for credit cards in Tier 2 and 3 cities of India has seen a 3.5 times increase during the fourth quarter of FY 2024. This demand for credit cards has come mainly due to increasing convenience of travel and growing aspirations of tourism among the people. According to Manish Shara of Jet, with great offers from card companies like air miles, hotel discounts, e-commerce related offers, travel related rewards or fuel cashback, credit cards are becoming increasingly popular among customers in remote areas of India. One of the main reasons for the increasing demand for credit cards is also the rising fuel prices, due to which fuel credit cards are becoming increasingly popular in Tier-2 and Tier-3 cities.

muskan s

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