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PROSPECTS AND OPPORTUNITIES
RBI’s card portability regulation set to intensify competition within credit card operators
The apex banking institute, Reserve Bank of India (RBI) is set to reshape the competitive landscape within card operators in years ahead with its draft guideline around card portability, which was issued in July 2023 and came into effect in September 2024. Traditionally, card issuers decided upon the network provider for credit cards issued to their banking customers.
RBI and financial institutions focus on better long-tern allocation of credit through tighter regulations
Over the forecast period, the number of credit cards in circulation is projected to grow at a healthy rate, largely supported by schemes such as the payment of outstanding dues in equated monthly instalments (EMIs), and other attractive benefits, including access to premium and exclusive services. In addition, inflation has instilled a new financial mindset among consumers, which has resulted in consumers looking for different ways to maximise their budgets without sacrificing the quality of their purchases.
Shift in channel preference, with issuance to those with low credit history to remain a challenge
Online shopping was accelerated by the COVID-19 crisis, and this shift to online is expected to be a long-lasting behavioural change, resulting in the channel penetration growing from 4.4% in 2019 to 8.
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Overview:
Understand the latest market trends and future growth opportunities for the Credit Card Transactions industry in India with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Credit Card Transactions industry in India, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Credit Card Transactions in India report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Credit Card Transactions in India?
- What are the major trends key to understanding Credit Card Transactions in India?
- How has COVID-19, recession and macroeconomic volatility impacted the market?
- How long will the market take to recover? What are the opportunities now?
- How will political context and shifting cultural values shape future growth?
- Where is future growth expected to be most dynamic?
Charge Cards in India - Category analysis
Charge Cards in India - Company Profile
KEY DATA FINDINGS
Stronger eligibility criteria continue to limit charge card demand
Merchant acceptance is relatively low, with average spend remaining high compared to other financial cards
American Express is the only charge cards issuer in India
Growth to remain subdued on the back of higher eligibility and lower consumer awareness
Credit cards seen as more viable credit instrument due to growing consumer financial literacy
Commercial charge cards offer opportunities through more tailored benefits
Table 1 Charge Cards: Number of Cards in Circulation 2019-2024
Table 2 Charge Cards Transactions 2019-2024
Table 3 Charge Cards in Circulation: % Growth 2019-2024
Table 4 Charge Cards Transactions: % Growth 2019-2024
Table 5 Personal Charge Cards: Number of Cards in Circulation 2019-2024
Table 6 Personal Charge Cards Transactions 2019-2024
Table 7 Personal Charge Cards in Circulation: % Growth 2019-2024
Table 8 Personal Charge Cards Transactions: % Growth 2019-2024
Table 9 Charge Cards: Number of Cards by Issuer 2019-2023
Table 10 Charge Cards: Number of Cards by Operator 2019-2023
Table 11 Charge Cards Payment Transaction Value by Issuer 2019-2023
Table 12 Charge Cards Payment Transaction Value by Operator 2019-2023
Table 13 Personal Charge Cards: Number of Cards by Issuer 2019-2023
Table 14 Personal Charge Cards: Number of Cards by Operator 2019-2023
Table 15 Personal Charge Cards Transaction Value by Issuer 2019-2023
Table 16 Personal Charge Cards Transaction Value by Operator 2019-2023
Table 17 Forecast Charge Cards: Number of Cards in Circulation 2024-2029
Table 18 Forecast Charge Cards Transactions 2024-2029
Table 19 Forecast Charge Cards in Circulation: % Growth 2024-2029
Table 20 Forecast Charge Cards Transactions: % Growth 2024-2029
Table 21 Forecast Personal Charge Cards: Number of Cards in Circulation 2024-2029
Table 22 Forecast Personal Charge Cards Transactions 2024-2029
Table 23 Forecast Personal Charge Cards in Circulation: % Growth 2024-2029
Table 24 Forecast Personal Charge Cards Transactions: % Growth 2024-2029
Credit Cards in India - Category analysis
Credit Cards in India - Company Profile
KEY DATA FINDINGS
Sustained economic growth and lower credit card penetration level leads to significant growth
Income inequality and attractive demographic segment fuels credit card adoption
Online spending dominates credit card usage with market consolidated via major four banks
RBI’s card portability regulation set to intensify competition within credit card operators
RBI and financial institutions focus on better long-tern allocation of credit through tighter regulations
Shift in channel preference, with issuance to those with low credit history to remain a challenge
Table 25 Credit Cards: Number of Cards in Circulation 2019-2024
Table 26 Credit Cards Transactions 2019-2024
Table 27 Credit Cards in Circulation: % Growth 2019-2024
Table 28 Credit Cards Transactions: % Growth 2019-2024
Table 29 Commercial Credit Cards: Number of Cards in Circulation 2019-2024
Table 30 Commercial Credit Cards Transactions 2019-2024
Table 31 Commercial Credit Cards in Circulation: % Growth 2019-2024
Table 32 Commercial Credit Cards Transactions: % Growth 2019-2024
Table 33 Personal Credit Cards: Number of Cards in Circulation 2019-2024
Table 34 Personal Credit Cards Transactions 2019-2024
Table 35 Personal Credit Cards in Circulation: % Growth 2019-2024
Table 36 Personal Credit Cards Transactions: % Growth 2019-2024
Table 37 Credit Cards: Number of Cards by Issuer 2019-2023
Table 38 Credit Cards: Number of Cards by Operator 2019-2023
Table 39 Credit Cards Payment Transaction Value by Issuer 2019-2023
Table 40 Credit Cards Payment Transaction Value by Operator 2019-2023
Table 41 Commercial Credit Cards: Number of Cards by Issuer 2019-2023
Table 42 Commercial Credit Cards: Number of Cards by Operator 2019-2023
Table 43 Commercial Credit Cards Payment Transaction Value by Issuer 2019-2023
Table 44 Commercial Credit Cards Payment Transaction Value by Operator 2019-2023
Table 45 Personal Credit Cards: Number of Cards by Issuer 2019-2023
Table 46 Personal Credit Cards: Number of Cards by Operator 2019-2023
Table 47 Personal Credit Cards Payment Transaction Value by Issuer 2019-2023
Table 48 Personal Credit Cards Payment Transaction Value by Operator 2019-2023
Table 49 Forecast Credit Cards: Number of Cards in Circulation 2024-2029
Table 50 Forecast Credit Cards Transactions 2024-2029
Table 51 Forecast Credit Cards in Circulation: % Growth 2024-2029
Table 52 Forecast Credit Cards Transactions: % Growth 2024-2029
Table 53 Forecast Commercial Credit Cards: Number of Cards in Circulation 2024-2029
Table 54 Forecast Commercial Credit Cards Transactions 2024-2029
Table 55 Forecast Commercial Credit Cards in Circulation: % Growth 2024-2029
Table 56 Forecast Commercial Credit Cards Transactions: % Growth 2024-2029
Table 57 Forecast Personal Credit Cards: Number of Cards in Circulation 2024-2029
Table 58 Forecast Personal Credit Cards Transactions 2024-2029
Table 59 Forecast Personal Credit Cards in Circulation: % Growth 2024-2029
Table 60 Forecast Personal Credit Cards Transactions: % Growth 2024-2029
Debit Cards in India - Category analysis
Debit Cards in India - Company Profile
KEY DATA FINDINGS
High penetration levels and growing competition from digital payments restrict growth
Evolving purchasing patterns impact instances of debit card usage
State Bank of India (SBI) leads through its extensive, with RuPay leading in operator space
Limited reward structure and value proposition set to impact value growth in forecast period
Issuers increasingly focusing on commercial segment to limit slowdown in transactions
Unbanked population to drive card issuance volume, whilst increasing consumer confidence in digital payments and shift towards online shopping to have an impact
Table 61 Debit Cards: Number of Cards in Circulation 2019-2024
Table 62 Debit Cards Transactions 2019-2024
Table 63 Debit Cards in Circulation: % Growth 2019-2024
Table 64 Debit Cards Transactions: % Growth 2019-2024
Table 65 Debit Cards: Number of Cards by Issuer 2019-2023
Table 66 Debit Cards: Number of Cards by Operator 2019-2023
Table 67 Debit Cards Payment Transaction Value by Issuer 2019-2023
Table 68 Debit Cards Payment Transaction Value by Operator 2019-2023
Table 69 Forecast Debit Cards: Number of Cards in Circulation 2024-2029
Table 70 Forecast Debit Cards Transactions 2024-2029
Table 71 Forecast Debit Cards in Circulation: % Growth 2024-2029
Table 72 Forecast Debit Cards Transactions: % Growth 2024-2029
Pre-Paid Cards in India - Category analysis
Pre-Paid Cards in India - Company Profile
KEY DATA FINDINGS
Closed loop pre-paid cards benefit from growing demand for transportation cards
Enhanced security and fraud protection features provide boost, while low merchant acceptance level impacts open loop pre-paid cards
Demand for travel cards, driven by cost efficiency, benefits open loop pre-paid cards
Open loop pre-paid cards offer attractive opportunities
Slowdown in demand for gift cards and greater adoption of digital payment methods to create a challenge for pre-paid cards
Closed loop pre-paid cards growth to remain dependent on demand for public transportation
Table 73 Pre-paid Cards: Number of Cards in Circulation 2019-2024
Table 74 Pre-paid Cards Transactions 2019-2024
Table 75 Pre-paid Cards in Circulation: % Growth 2019-2024
Table 76 Pre-paid Cards Transactions: % Growth 2019-2024
Table 77 Closed Loop Pre-paid Cards Transactions 2019-2024
Table 78 Closed Loop Pre-paid Cards Transactions: % Growth 2019-2024
Table 79 Open Loop Pre-paid Cards Transactions 2019-2024
Table 80 Open Loop Pre-paid Cards Transactions: % Growth 2019-2024
Table 81 Pre-paid Cards: Number of Cards by Issuer 2019-2023
Table 82 Pre-paid Cards: Number of Cards by Operator 2019-2023
Table 83 Pre-paid Cards Transaction Value by Issuer 2019-2023
Table 84 Pre-paid Cards Transaction Value by Operator 2019-2023
Table 85 Closed Loop Pre-paid Cards: Number of Cards by Issuer 2019-2023
Table 86 Closed Loop Pre-paid Cards: Number of Cards by Operator 2019-2023
Table 87 Closed Loop Pre-paid Cards Transaction Value by Issuer 2019-2023
Table 88 Closed Loop Pre-paid Cards Transaction Value by Operator 2019-2023
Table 89 Open Loop Pre-paid Cards: Number of Cards by Issuer 2019-2023
Table 90 Open Loop Pre-paid Cards: Number of Cards by Operator 2019-2023
Table 91 Open Loop Pre-paid Cards Transaction Value by Issuer 2019-2023
Table 92 Open Loop Pre-paid Cards Transaction Value by Operator 2019-2023
Table 93 Forecast Pre-paid Cards: Number of Cards in Circulation 2024-2029
Table 94 Forecast Pre-paid Cards Transactions 2024-2029
Table 95 Forecast Pre-paid Cards in Circulation: % Growth 2024-2029
Table 96 Forecast Pre-paid Cards Transactions: % Growth 2024-2029
Table 97 Forecast Closed Loop Pre-paid Cards Transactions 2024-2029
Table 98 Forecast Closed Loop Pre-paid Cards Transactions: % Growth 2024-2029
Table 99 Forecast Open Loop Pre-paid Cards Transactions 2024-2029
Table 100 Forecast Open Loop Pre-paid Cards Transactions: % Growth 2024-2029
Financial Cards and Payments in India - Industry Overview
Financial cards and payments in 2024: The big picture
2024 key trends
Co-branded cards remain a focus to provide more tailored benefits
Competitive landscape
What next for financial cards and payments?
Table 101 Number of POS Terminals: Units 2019-2024
Table 102 Number of ATMs: Units 2019-2024
Table 103 Value Lost to Fraud 2019-2024
Table 104 Card Expenditure by Location 2024
Table 105 Financial Cards in Circulation by Type: % Number of Cards 2019-2024
Table 106 Domestic versus Foreign Spend 2024
Table 107 Financial Cards by Category: Number of Cards in Circulation 2019-2024
Table 108 Financial Cards by Category: Number of Accounts 2019-2024
Table 109 Financial Cards Transactions by Category: Value 2019-2024
Table 110 Financial Cards by Category: Number of Transactions 2019-2024
Table 111 Consumer Payments by Category: Value 2019-2024
Table 112 Consumer Payments by Category: Number of Transactions 2019-2024
Table 113 M-Commerce by Category: Value 2019-2024
Table 114 M-Commerce by Category: % Value Growth 2019-2024
Table 115 Financial Cards: Number of Cards by Issuer 2019-2023
Table 116 Financial Cards: Number of Cards by Operator 2019-2023
Table 117 Financial Cards: Card Payment Transactions Value by Operator 2019-2023
Table 118 Financial Cards: Card Payment Transactions Value by Issuer 2019-2023
Table 119 Forecast Financial Cards by Category: Number of Cards in Circulation 2024-2029
Table 120 Forecast Financial Cards by Category: Number of Accounts 2024-2029
Table 121 Forecast Financial Cards Transactions by Category: Value 2024-2029
Table 122 Forecast Financial Cards by Category: Number of Transactions 2024-2029
Table 123 Forecast Consumer Payments by Category: Value 2024-2029
Table 124 Forecast Consumer Payments by Category: Number of Transactions 2024-2029
Table 125 Forecast M-Commerce by Category: Value 2024-2029
Table 126 Forecast M-Commerce by Category: % Value Growth 2024-2029
DISCLAIMER
Summary 1 Research Sources
The following categories and subcategories are included:
Credit Card Transactions
- Commercial Credit Card Transactions
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- Average Personal Credit Card Balance
- Average Personal Credit Card Limit
- Personal Credit Card Utilisation
Credit Card Transactions
Credit cards allow for purchases against a preapproved line of credit. The account holder has the choice of whether to pay off the entire balance each month or opt for monthly instalments with the balance serving as revolving credit. If the cardholder decides to revolve a balance, the consumer pays interest. Credit cards can include affinity cards, reward cards and types of co-branded cards. Co-branded retailer cards—issued by retailers acting as financial institutions and without usage restrictions—are included in this category. Cards issued by a retailer with usage limited to a specific store within a predefined retail group fall under the store cards definition. Debit cards with an overdraft function are not counted as cards with a credit function. Payments are tracked based on the country of residence / account issuance and include outbound spend while excluding inbound spend.
See all of our definitions
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This report originates from Passport, our Credit Card Transactions research and analysis database.
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