In financial year 2024, nearly 102 million credit cards were issued in India. The cumulative number of cards increased constantly in recent years and even recovered quickly from falling numbers during the lockdown from the end of March to the end of May 2020, amidst the first wave of the coronavirus (COVID-19) pandemic. India’s credit card market In India, credit cards came in vogue only after the market liberalizations of the 1990s and the diversification of the banking sector. Around 78 public, private, and foreign banks as well as numerous smaller cooperative and regional rural banks were operating in 2022. In 2020, India ranked 11th on the list of countries with the most credit cards in use, far behind the United States with over one billion cards. Debit card market Debit cards are a very popular form or payment in India with an estimated number of more than 907 million cards in use. Value of debit card transactions amounted to around three trillion Indian rupees in June 2022. India's debit card penetration is estimated to be around 34 percent in 2023.

The number of credit cards in use in India was forecast to continuously increase between 2024 and 2029 by in total 2.3 million cards (+5.29 percent). After the fifteenth consecutive increasing year, the number is estimated to reach 45.81 million cards and therefore a new peak in 2029. Notably, the number of credit cards in use of was continuously increasing over the past years.Shown is the estimated number of credit cards currently in use.The shown data are an excerpt of Statista's Key Market Indicators (KMI). The KMI are a collection of primary and secondary indicators on the macro-economic, demographic and technological environment in up to 150 countries and regions worldwide. All indicators are sourced from international and national statistical offices, trade associations and the trade press and they are processed to generate comparable data sets (see supplementary notes under details for more information).

Credit card payments in India declined by nearly 200 million transactions in the first year of the coronavirus pandemic but recovered substantially since then. In 2022, the payment method made up roughly 2.6 transactions when compared to the country's population that year. Credit cards did not rank as India's most used payment method in POS - although its market share did increase between 2020 and 2021. Indian consumers generally prefer the use of cash, although especially mobile wallets are predicted to gain millions of new users within the Asian country.

India Cards: Volume: Credit Card: Usage at POS data was reported at 230.266 Unit mn in Mar 2025. This records an increase from the previous number of 199.996 Unit mn for Feb 2025. India Cards: Volume: Credit Card: Usage at POS data is updated monthly, averaging 48.909 Unit mn from Apr 2004 (Median) to Mar 2025, with 252 observations. The data reached an all-time high of 230.266 Unit mn in Mar 2025 and a record low of 9.570 Unit mn in Apr 2004. India Cards: Volume: Credit Card: Usage at POS data remains active status in CEIC and is reported by Reserve Bank of India. The data is categorized under India Premium Database’s Monetary – Table IN.KAI012: Card Payments.

India Credit Card: Number of Transaction: Volume: POS: American Express Banking Corporation data was reported at 6,383,027.000 Unit in Aug 2018. This records a decrease from the previous number of 6,396,000.000 Unit for Jul 2018. India Credit Card: Number of Transaction: Volume: POS: American Express Banking Corporation data is updated monthly, averaging 2,393,186.000 Unit from Apr 2011 (Median) to Aug 2018, with 85 observations. The data reached an all-time high of 6,396,000.000 Unit in Jul 2018 and a record low of 0.000 Unit in Aug 2013. India Credit Card: Number of Transaction: Volume: POS: American Express Banking Corporation data remains active status in CEIC and is reported by Reserve Bank of India. The data is categorized under India Premium Database’s Monetary – Table IN.KAI016: Credit Card Statistics: by Bankwise.

In the financial year 2024, there were about 3.6 billion transactions made via credit cards across India. This was estimated to rise to over nine billion transactions in the financial year 2029 in the country.

Credit Card: Amount of Transactions: Value: POS: Canara Bank data was reported at 1,120.076 INR mn in Aug 2018. This records a decrease from the previous number of 1,126.748 INR mn for Jul 2018. Credit Card: Amount of Transactions: Value: POS: Canara Bank data is updated monthly, averaging 349.850 INR mn from Apr 2011 (Median) to Aug 2018, with 89 observations. The data reached an all-time high of 1,136.191 INR mn in Jun 2018 and a record low of 13.710 INR mn in Jun 2012. Credit Card: Amount of Transactions: Value: POS: Canara Bank data remains active status in CEIC and is reported by Reserve Bank of India. The data is categorized under India Premium Database’s Monetary – Table IN.KAI016: Credit Card Statistics: by Bankwise.

The average for 2021 based on 121 countries was 22.26 percent. The highest value was in Canada: 82.74 percent and the lowest value was in Afghanistan: 0 percent. The indicator is available from 2011 to 2021. Below is a chart for all countries where data are available.

Credit Card: Amount of Transactions: Value: ATM: ICICI Bank Limited data was reported at 151.248 INR mn in Aug 2018. This records an increase from the previous number of 146.405 INR mn for Jul 2018. Credit Card: Amount of Transactions: Value: ATM: ICICI Bank Limited data is updated monthly, averaging 70.338 INR mn from Apr 2011 (Median) to Aug 2018, with 89 observations. The data reached an all-time high of 151.248 INR mn in Aug 2018 and a record low of 30.000 INR mn in Jun 2013. Credit Card: Amount of Transactions: Value: ATM: ICICI Bank Limited data remains active status in CEIC and is reported by Reserve Bank of India. The data is categorized under India Premium Database’s Monetary – Table IN.KAI016: Credit Card Statistics: by Bankwise.

In March 2023, there were over 826 thousand ATM withdrawal transactions and140 million point-of sale transactions made via credit cards in India. Cash withdrawal via ATMs witnessed a significant increase as compared to last year.

India Credit Card: Number of Outstanding Card: Volume: HDFC Bank Limited data was reported at 11,570,453.000 Unit in Aug 2018. This records an increase from the previous number of 11,378,100.000 Unit for Jul 2018. India Credit Card: Number of Outstanding Card: Volume: HDFC Bank Limited data is updated monthly, averaging 6,156,259.000 Unit from Apr 2011 (Median) to Aug 2018, with 89 observations. The data reached an all-time high of 11,570,453.000 Unit in Aug 2018 and a record low of 5,019,733.000 Unit in Aug 2013. India Credit Card: Number of Outstanding Card: Volume: HDFC Bank Limited data remains active status in CEIC and is reported by Reserve Bank of India. The data is categorized under India Premium Database’s Monetary – Table IN.KAI016: Credit Card Statistics: by Bankwise.

Cards And Payments Market Outlook

The global cards and payments market size was valued at approximately $10 trillion in 2023 and is projected to grow to around $15 trillion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.5% over the forecast period. This impressive growth is primarily driven by the increasing digitization of financial services, greater consumer adoption of online and mobile payments, and expanding penetration of internet and smartphone usage across the globe.

One of the primary growth factors of the cards and payments market is the rapid advancement in technology, particularly in mobile and internet infrastructure. The proliferation of smartphones and the rising availability of high-speed internet have significantly influenced the adoption of digital payments. Consumers are increasingly relying on their mobile devices for everyday transactions, prompting businesses to adapt by offering various digital payment options. Additionally, the development of secure payment gateways and advanced encryption technologies has enhanced consumer trust in digital payment methods.

Another significant factor contributing to market growth is the shift in consumer behavior and preferences. The convenience and speed offered by online and mobile payments are unmatched, leading to a decline in cash transactions. The COVID-19 pandemic accelerated this trend by necessitating contactless payment methods to mitigate the spread of the virus. Consumers and businesses alike have become more comfortable with digital transactions, and this behavioral shift is expected to have a lasting impact on the market.

Regulatory support and government initiatives are also playing a crucial role in the expansion of the cards and payments market. Governments worldwide are promoting digital financial inclusion through various policies and programs aimed at increasing access to banking services. For instance, initiatives like India's Digital India campaign and the European Union's Revised Payment Services Directive (PSD2) have encouraged the adoption of digital payment methods, thereby boosting market growth.

Regionally, the Asia Pacific region is expected to witness the highest growth rate in the cards and payments market. This can be attributed to the rapid economic development, urbanization, and a large unbanked population that is gradually being brought into the formal banking system through digital means. Countries like China and India are at the forefront of this transformation, with significant investments in digital infrastructure and a burgeoning fintech ecosystem driving market growth.

Card Type Analysis

The cards and payments market is segmented into various card types, including credit cards, debit cards, prepaid cards, and others. Credit cards have traditionally been popular due to their credit facilities and reward programs. They allow consumers to borrow funds up to a certain limit and pay it back later, often with interest. The convenience of not needing to carry cash and the added benefits of rewards, cashback, and travel points have made credit cards a favored choice among consumers. Financial institutions continue to innovate with flexible repayment options and bonus point schemes to attract more users.

Debit cards, on the other hand, are directly linked to a consumer’s bank account and allow users to spend money they already have. They are widely accepted and offer immediate fund transfer without accruing debt. The simplicity and security associated with debit cards make them a popular choice for everyday transactions. With the rise of contactless payments, debit card usage has surged, as consumers appreciate the convenience of tapping their cards for swift transactions.

Prepaid cards offer another layer of flexibility and control for users. These cards are not linked to any bank account and are loaded with a specific amount of money. They are particularly useful for budgeting purposes or for specific use cases like travel or gifting. Prepaid cards also provide a safer alternative to carrying cash and can be used in places where credit or debit cards are accepted. The growing trend of digital wallets and e-gift cards is further propelling the demand for prepaid cards.

Other types of cards, including store cards and fleet cards, cater to niche markets but also contribute to the overall growth of the cards and payments market. Store cards are issued by specific retailers and offer rewards or discounts for purchases made at the issuing store. Fleet cards are used by b

Credit card (% age 15+) in India was reported at 4.625 % in 2021, according to the World Bank collection of development indicators, compiled from officially recognized sources. India - Credit card (% age 15+) - actual values, historical data, forecasts and projections were sourced from the World Bank on June of 2025.

The global personal credit card market is projected to reach USD 1,849,590 million by 2033, exhibiting a CAGR of XX% during the forecast period (2025-2033). The market growth can be attributed to the increasing adoption of digital payments, rising disposable income, and the growing popularity of e-commerce. Additionally, the increasing use of personal credit cards for daily consumption, travel, and entertainment is further fueling the market growth. The market is segmented based on type, application, region, and company. By type, the market is categorized into daily consumption, travel, entertainment, and others. Based on application, the market is divided into customers with limited credit card usage, credit card users with low utilization, transactors, customers with high credit card usage, and credit card users with revolving and persistent debt. Geographically, the market is analyzed across North America, South America, Europe, Middle East & Africa, and Asia Pacific. Key players in the market include JPMorgan, Citibank, Bank of America, Wells Fargo, Capital One, American Express, HSBC, Sumitomo Mitsui Banking Corporation, BNP Paribas, State Bank of India, Sberbank, MUFG Bank, Itau Unibanco, Commonwealth Bank, Credit Agricole, Deutsche Bank, Hyundai Card, Al-Rajhi Bank, Standard Bank, Hang Seng Bank, Bank of East Asia, China Merchants Bank, ICBC, China Construction Bank (CCB), Agricultural Bank of China (ABC), Ping An Bank, and Bank of China.

As of December 2024, the HDFC Bank held 21 percent of share in the credit card market in India, while registering a growth of 16 percent. It was followed by SBI cards and ICICI Bank with 19 percent and 17 percent market share respectively.

The global bank card solutions market is experiencing robust growth, driven by the increasing adoption of digital payment methods and the expanding e-commerce landscape. The market size in 2025 is estimated at $250 billion, exhibiting a Compound Annual Growth Rate (CAGR) of 12% from 2025 to 2033. This significant growth is fueled by several key factors. Firstly, the increasing penetration of smartphones and internet access globally is driving the demand for convenient and secure digital payment solutions. Secondly, government initiatives promoting financial inclusion and the rise of fintech companies are further accelerating market expansion. The segment dominated by debit cards holds a substantial market share due to their widespread accessibility and affordability. Geographically, North America and Europe currently hold the largest market shares, although the Asia-Pacific region is projected to experience the fastest growth owing to rapid economic development and increasing digitalization in emerging economies like India and China. The market is segmented by card type (debit, credit, prepaid) and issuing bank type (state, commercial, others). Key players, including Visa, Mastercard, and American Express, are constantly innovating to enhance security features, improve user experience, and expand their global reach. However, the market faces challenges. Stringent regulatory compliance requirements and concerns about data security and fraud are significant restraints. Furthermore, the rising adoption of alternative payment methods, such as mobile wallets and Buy Now Pay Later (BNPL) services, poses competitive pressure. The market's future hinges on the ongoing development of advanced technologies such as biometric authentication, tokenization, and blockchain solutions to address these challenges and further enhance the security and efficiency of bank card solutions. Continued innovation in card technology and payment processing infrastructure will be crucial to sustaining the market's growth trajectory. The shift towards contactless payments and the integration of bank card solutions with other financial services are key trends shaping the market's future.

India Credit Card: Number of Transaction: Volume: POS: Bank of America data was reported at 52,260.000 Unit in Aug 2018. This records a decrease from the previous number of 54,176.000 Unit for Jul 2018. India Credit Card: Number of Transaction: Volume: POS: Bank of America data is updated monthly, averaging 23,500.000 Unit from Apr 2014 (Median) to Aug 2018, with 53 observations. The data reached an all-time high of 54,176.000 Unit in Jul 2018 and a record low of 1,297.000 Unit in May 2014. India Credit Card: Number of Transaction: Volume: POS: Bank of America data remains active status in CEIC and is reported by Reserve Bank of India. The data is categorized under India Premium Database’s Monetary – Table IN.KAI016: Credit Card Statistics: by Bankwise.

India Credit Card: Number of Outstanding Card: Volume: HSBC data was reported at 636,600.000 Unit in Aug 2018. This records an increase from the previous number of 624,349.000 Unit for Jul 2018. India Credit Card: Number of Outstanding Card: Volume: HSBC data is updated monthly, averaging 502,319.000 Unit from Apr 2011 (Median) to Aug 2018, with 89 observations. The data reached an all-time high of 910,559.000 Unit in Apr 2011 and a record low of 439,820.000 Unit in Jan 2017. India Credit Card: Number of Outstanding Card: Volume: HSBC data remains active status in CEIC and is reported by Reserve Bank of India. The data is categorized under India Premium Database’s Monetary – Table IN.KAI016: Credit Card Statistics: by Bankwise.

India Number of Outstanding Card: Volume: Credit Card data was reported at 41.763 Unit mn in Sep 2018. This records an increase from the previous number of 41.029 Unit mn for Aug 2018. India Number of Outstanding Card: Volume: Credit Card data is updated monthly, averaging 21.298 Unit mn from Apr 2006 (Median) to Sep 2018, with 150 observations. The data reached an all-time high of 41.763 Unit mn in Sep 2018 and a record low of 17.570 Unit mn in Feb 2012. India Number of Outstanding Card: Volume: Credit Card data remains active status in CEIC and is reported by Reserve Bank of India. The data is categorized under India Premium Database’s Monetary – Table IN.KAI013: ATM, POS and Cards Statistics.

In 2017, around three percent of Indians above 15 years owned a credit card. Thereby, the credit card penetration remained stable on a relatively low level over the past ten years. The share of men owning a credit card is higher than the share of women with 3.7 percent to 2.3 percent.