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Card, contactless payments pick up

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MUMBAI : India’s credit card companies and banks are seeing a rebound in customer spending with more customers shifting towards contactless modes of payments, mirroring a global trend.Data for May shows that credit card spending is rising and new card issuances have also increased.In a business update earlier this month, SBI Cards said daily card spends have reached 60-65% of the levels seen prior to the lockdown, with managing director and chief executive Hardayal Prasad saying the company is witnessing pent-up demand.“Online spends have been going up and there is a shift in payment from cash to digital.

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