The Indian digital payments provider RuPay had a market share of over ** percent in the credit and debit card segment in 2020. RuPay was introduced in 2012 by the National Payments Corporation of India (NPCI) and had a market share of around ** percent in 2017. Around *** million cards had been issued by over ************ cooperation banks, the vast majority being debit cards. This led to a significant reduction of market shares of its international competitors like Mastercard and Visa.
A big proportion of RuPay accounts was issued under the Prdhan Mantri Jan Dhan Yojana (PMJDY). The value of transactions was comparatively low with the target group of this scheme.
The market share of domestic card brand RuPay did not reach the same heights in India as either Visa or Mastercard. Visa, especially, is popular in the Asian country, with a market share in 2023 of ** percent, an increase of ******percentage points from the previous year. Mastercard's market share grew by **** percentage points during the same timeframe. The share of cash in India declined significantly since COVID-19, whereas digital wallets became the most used in-store payment method. Noticeable is the growing use of credit cards for offline payments.
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Global Debit Card market size is expected to reach $103.66 billion by 2029 at 1.7%, the role of governments and financial institutions in promoting cashless transactions and debit card usage
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Global Credit Card market size is expected to reach $114.55 billion by 2029 at 1.8%, rising demand for credit cards propels growth in the credit card market
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BASE YEAR | 2024 |
HISTORICAL DATA | 2019 - 2024 |
REPORT COVERAGE | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
MARKET SIZE 2023 | 387.78(USD Billion) |
MARKET SIZE 2024 | 423.03(USD Billion) |
MARKET SIZE 2032 | 848.77(USD Billion) |
SEGMENTS COVERED | Type of Card ,Technology ,Issuing Entity ,Application ,Regional |
COUNTRIES COVERED | North America, Europe, APAC, South America, MEA |
KEY MARKET DYNAMICS | Rising demand for contactless payments Growing ecommerce penetration Increasing adoption of mobile wallets Security concerns and regulatory compliance Innovation in payment technologies |
MARKET FORECAST UNITS | USD Billion |
KEY COMPANIES PROFILED | VISA ,Dankort ,Discover Financial Services ,RuPay ,Diners Club International ,China UnionPay ,Interac ,Bancomat ,Elo ,Verve ,Troy ,Mastercard ,UnionPay ,American Express ,JCB International |
MARKET FORECAST PERIOD | 2025 - 2032 |
KEY MARKET OPPORTUNITIES | Contactless payments Mobile payments Crossborder payments Digital wallets Biometric payments |
COMPOUND ANNUAL GROWTH RATE (CAGR) | 9.09% (2025 - 2032) |
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The Indian digital payments provider RuPay had a market share of over ** percent in the credit and debit card segment in 2020. RuPay was introduced in 2012 by the National Payments Corporation of India (NPCI) and had a market share of around ** percent in 2017. Around *** million cards had been issued by over ************ cooperation banks, the vast majority being debit cards. This led to a significant reduction of market shares of its international competitors like Mastercard and Visa.
A big proportion of RuPay accounts was issued under the Prdhan Mantri Jan Dhan Yojana (PMJDY). The value of transactions was comparatively low with the target group of this scheme.