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Credit cards in circulation touched 48.9 million in May from 38.6 million in the same period last year growing at 27%. Total transaction value has gone up to 6Lakh crore in 2018-19 which is 30% higher from Rs 4.6 lakh crore in 2017-18. Growth has been possible by bringing out cobranded cards & cashback programmes. Many fin-tech companies like Paytm, Flipkart and Ola have started their own credit cards. Cred, launched by Freecharge founder Kunal Shah, is one of the biggest players, along with early-stage companies such as Slice Pay and En-Kash.