Consumer spending through credit cards saw a big jump in the first three days of implementation of GST 2.0, industry players told FE.

According to lenders, there has been a fivefold rise in the daily average spending to Rs 20,000-25,000 crore from the usual Rs 5,000-6,000 crore.

For SBI Card, consumer spending was seen in discretionary and non-discretionary categories, said Salila Pande, MD & CEO at SBI Card, adding that she expects this upward trend to continue throughout the festive season.

Bikram Yadav, head-credit cards at RBL Bank , said: “We have seen a sharp 20% increase in customer demand over the past couple of days, driven primarily by the recent GST relief and the resulting positive market sentiment. This uplift reflects growing consumer confidence and a readiness to spen

See Full Page