The increase in online shopping has helped the growth of credit card providers’ business in India, according to a study by American Express.
Among different online shopping platforms, credit card providers witnessed the number of transactions doubling at Flipkart, increasing by 1.6 times on Jabong and by six times at Infibeam.
The increase in online shopping was driven by the ‘Great Online Shopping Festival’ launched by Google. The festival triggered more sales for various companies, from online retailers to credit card companies.
By 2015, the number of online shoppers in the country is expected to reach 38 million.
According to a recent report by Worldline, a provider of payments and transactional services, the credit card base in India has increased by 4%, where 54% of the share was from the private sector banks.