Credit cards base tops 1.9 m mark

Thursday, 29 April 2021 00:25 - - {{hitsCtrl.values.hits}}

The number of credit cards in use in the country has crossed the 1.9 million mark, Central Bank data showed.

The surpassing of the 1.9 million mark follows the issuance of 20,929 new cards in the first two months of 2021.

At the end of last year the credit card base amounted to 1.87 million, whilst in 2019 and 2018 it was 1.82 million and 1.64 million respectively. Last year saw a slow 2.7% growth in the credit card market, against a high 11% increase in 2018.

Of the current base of credit cards 1.86 million were globally accepted cards.

The total outstanding balance as at end February 2021 was Rs. 118.7 billion, up from Rs. 117.2 billion by end 2020. The globally accepted cards outstanding balance was Rs. 85.4 billion, up from Rs. 84.5 billion in end 2020. In end 2019, the outstanding balance was Rs. 121.5 billion and Rs. 107.8 billion in 2018.