This paper is published in Volume-8, Issue-5, 2022
Area
Management
Author
Shrikesh Poojari
Org/Univ
Pramod Ram Ujagar Tiwari Saket Institute of Management, Kalyan, Maharashtra, India
Pub. Date
08 November, 2022
Paper ID
V8I5-1204
Publisher
Keywords
Credit Card, CAGR, CRIF

Citationsacebook

IEEE
Shrikesh Poojari. Role of plastic money post covid, International Journal of Advance Research, Ideas and Innovations in Technology, www.IJARIIT.com.

APA
Shrikesh Poojari (2022). Role of plastic money post covid. International Journal of Advance Research, Ideas and Innovations in Technology, 8(5) www.IJARIIT.com.

MLA
Shrikesh Poojari. "Role of plastic money post covid." International Journal of Advance Research, Ideas and Innovations in Technology 8.5 (2022). www.IJARIIT.com.

Abstract

Credit cards were rolling ahead in terms of demand and usage, as of December 2019, a report by Crif High Mark showed. But since the covid-19 pandemic, people turn to mobile payments, and a recent S&P Global Market Intelligence report said that they have gained a lead over credit cards. As of December 2019, the credit card industry portfolio stood at ₹1,24,390 crore, a year-on-year growth of 44%. In September 2019, there were 3.25 crore active card borrowers, the number has grown at a compounded annual growth rate (CAGR) of 22% over four preceding years. The latest CRIF CreditScape report, released in May, stated that forecasts show that around one million credit cards will be sourced over the next five-six quarters. “Credit cards, once considered a product for the affluent, have expanded to consumers in tier II and III cities. Borrowers opting for a credit card for the first time have increased by three times in four years. Credit cards lead to increased purchasing capacity for consumers, especially millennials, and encourage usage by offering rewards and discounts on e-commerce portals." said Navin Chandani, managing director, and chief executive officer of CRIF High Mark.