New Delhi: The stagnation caused by the corona virus in its economy is slowly coming to an end. There have been signs of improvement in the emerging Indian economy with the fact that inquiries about credit cards have reached 106% levels over the previous year. This shows that the economic activity is improving as the economy is opening up after the lockdown caused by Kovid-19.
According to data from Transunion Cibil, a company working in the information and insight sector in the country, credit card popularity is increasing in non-metro cities. Cash has traditionally been used in these cities. In contrast, metro cities are increasingly focused on digital payments rather than cash. New trends have been found that more customers in non metro cities are seen to be willing to take credit cards than before. That is why there has been an increase of 23% in getting information about credit cards in these cities. In contrast, credit card inquiries in metros or big cities have come down by 10% over last year.
According to the TransUnion Cibil, when the demand for credit cards in the economy has resumed once again, the number of credit cards is also increasing. The level of credit cards issued in July last was 37%, which has reached the level of July 2019. Even during the lockdown period, the credit card decline during April 2020 was not so rapid. Even at that time, the number of credit cards issued was just 9% less than a year ago.
