The study released on Tuesday said that 'Buy Now, Pay Later' (BNPL) services are used by 18 percent of self-employed persons and 15 percent salaried persons.

On one hand, while the trend of UPI has increased rapidly in the country, on the other hand, the dependence on credit cards is continuously increasing on low-income people. A study has revealed the fact that about 93 percent of salaried class people earning less than Rs 50,000 are dependent on this plastic money.

A study by Think 360.ai said that the financial behavior of more than 20,000 salaried and self-employed persons in India was analyzed during a year. According to this, 85 percent of self-employed persons are dependent on credit cards.

Dependence of low-income people on credit cards

The study released on Tuesday said that 'buy now, pay later' (BNPL) services are used by 18 percent of self-employed individuals and 15 percent of salaried individuals. According to news agency PTI, Amit Das, Founder and CEO of 'Think 360.ai', says that in India's evolving loan landscape, credit cards and BNPL have now become a necessity for everyone, from salaried professionals to temporary workers.

This think tank report also mentions the growing influence of financial technology companies (fintechs), which are leading India's digital loan revolution. The study said that fintech companies disbursed personal loans worth more than Rs 92,000 crore in the financial year 2022-23, which is 76 percent of all new loans by volume.

Credit card rules changed

It is worth noting that credit card holders are given a fixed time limit by the bank to pay the money. Apart from this, after spending up to a limit on the credit card, many types of offers are given by the bank. In such a situation, it is quite popular for low-income people from paying household bills to shopping.

Meanwhile, now SBI has changed some rules for credit card holders. These changes include minimum amount due as well as free insurance and payment settlement process available on premium cards.