India Credit Card Market Report

India Credit Card Market Overview:

The India credit card market size reached USD 18.68 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 36.79 Billion by 2033, exhibiting a growth rate (CAGR) of 7.80% during 2025-2033. The India credit card market growth is being fueled by high digital adoption, growing disposable incomes, growing e-commerce, and higher financial literacy. Moreover, good rewards schemes, convenience in accessing credit, and the trend towards cashless transactions are further fueling the India credit card market share.

India Credit Card Market Trends:

Digital and Contactless Payments Growth

In India, there has been a substantial movement toward contactless and digital payments over the last few years. Owing to deepening smartphone and internet penetration, customers now appreciate the ease of tap-and-go transactions. Contactless credit cards have been introduced by major issuers, where customers can easily complete transactions without needing to provide a PIN for low-value transactions. This trend has been fueled further by the COVID-19 pandemic, with the need for cleanliness and safety leading individuals to shift towards touch-less payment methods. Moreover, credit cards' compatibility with mobile wallets and payment applications such as Google Pay, PhonePe, and Paytm has further made the process of paying more convenient. As digital consumption rises, credit card firms are turning their attention to providing added benefits like convenient mobile payments, rewards, and cashback in order to attract technology-aware customers. As per industry reports, in October 2024, the Unified Payments Interface (UPI) reached a significant milestone by handling 16.58 billion financial transactions within a month, highlighting its crucial role in India’s digital transformation. Introduced in 2016 by the National Payments Corporation of India (NPCI), UPI has transformed the country's payment landscape by consolidating various bank accounts into one mobile app.

Increased Focus on Customer Rewards and Benefits

Another leading trend in the Indian credit card industry is the increasing focus on customer benefits and rewards. Credit card companies increasingly provide competitive reward schemes to stand out in a crowded market. These reward programs vary from cashback to travel miles, discounts at restaurants, and special access to events. As Indian shoppers get smarter and price-sensitive, they prefer cards that deliver greatest value from their spends. Cards like co-brand cards that feature the airlines' or upscale labels' co-promotions, besides premium cards, are increasing traction among upscale shoppers. A study conducted by Yotpo, a prominent eCommerce marketing platform, reveals that 30% of consumers are more inclined to purchase when a cashback deal is offered. This occurrence is especially evident in a price-sensitive market such as India, where buyers actively search for the best offers to enhance their savings. The growth of e-commerce and digital payments also resulted in the credit card providers launching customized rewards for particular expense categories, such as fuel, entertainment, and groceries. Incentives ensure customer loyalty as well as enhancing retention rates.

India Credit Card Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the regional level for 2025-2033. Our report has categorized the market based on type, service providing company, credit score, credit limit, card type,and benefits.

Type Insights:

• General Purpose
• Private Label

The report has provided a detailed breakup and analysis of the market based on the type. This includes general purpose, and private label.

Service Providing Company Insights:

• Visa
• Mastercard
• RuPay
• Others

The report has provided a detailed breakup and analysis of the market based on the service providing company. This includes Visa, Mastercard, RuPay, and others.

Credit Score Insights:

• 300-500
• 501-700
• 701-850
• Above 851

The report has provided a detailed breakup and analysis of the market based on the credit score. This includes 300-500, 501-700, 701-850, and above 851.

Credit Limit Insights:

• Up to 25K
• 25-50K
• 51K-2L
• 2L-5L

The report has provided a detailed breakup and analysis of the market based on the credit limit. This includes up to 25K, 25-50K, 51K-2L, and 2L-5L.

Card Type Insights:

• Base
• Signature
• Platinum

The report has provided a detailed breakup and analysis of the market based on the card type. This includes base, signature, and platinum.

Benefits Insights:

• Cashback
• Voucher

The report has provided a detailed breakup and analysis of the market based on the benefits. This includes cashback, and voucher.

Regional Insights:

• North India
• South India
• East India
• West India

The report has also provided a comprehensive analysis of all the major regional markets, which include North India, South India, East India, and West India.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

India Credit card Market News:

• In July 2024, HDFC Bank, the largest bank in India, updated the terms for its credit card holders, starting from August 1, 2024.
• In December 2024, ICICI Bank and Times Internet, the digital division of The Times of India Group, revealed the introduction of a super-premium co-branded metal credit card. Backed by Visa, the ‘Times Black ICICI Bank Credit Card’ offers outstanding experiences, travel perks, luxury lifestyle amenities, and tailored privileges aimed at satisfying the preferences of affluent individuals. Enhancing its distinctiveness, the first cards are made with metal embedded with historical printing plates from The Times of India, representing a fusion of tradition and modernity.

India Credit card Market Report Coverage:

Key Questions Answered in This Report:

• How has the India credit card market performed so far and how will it perform in the coming years?
• What is the breakup of the India credit card market on the basis of type?
• What is the breakup of the India credit card market on the basis of service providing company?
• What is the breakup of the India credit card market on the basis of credit score?
• What is the breakup of the India credit card market on the basis of credit limit?
• What is the breakup of the India credit card market on the basis of card type?
• What is the breakup of the India credit card market on the basis of benefits?
• What is the breakup of the India credit card market on the basis of region?
• What are the various stages in the value chain of the India credit card market? 
• What are the key driving factors and challenges in the India credit card?
• What is the structure of the India credit card market and who are the key players?
• What is the degree of competition in the India credit card market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the India credit card market from 2019-2033.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the India credit card market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the India credit card industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.