India is experiencing an impressive surge in credit card utilisation, boasting over 85 million cards in circulation among over 38 million unique users.
This shift is propelled by the increasing adoption of digitally-enabled methods, mainly through the United Payments Interface (UPI), underlining a growing acceptance of digital payments.
While Buy Now, Pay Later (BNPL) initially took the spotlight, its success was powered by a burgeoning demand for credit within the Indian population. After a regulatory reaction to BNPL, consumers are turning to credit cards to fulfil that need.
2023 saw credit card transactions in the country overtake debit cards for the first time India, and the segment is only going from strength to strength.
Key Statistics:
- 85 million: The number of credit cards in circulation in India
- 38 million: The count of unique credit card holders
- 5.5%: The current penetration rate
- 3000%: The predicted increase in credit card acceptance
Pismo is set to publish a new whitepaper detailing to rise of India’s credit card market, and what market participants can do to capitalise on this wave of opportunity. Featuring an in-depth analysis of the market and key strategies to adopt, readers will discover:
- How to position their business to capture value
- The potential of India’s co-branded cards market
- Ways to adapt your organisations’ technology mindset
- Case studies in next-generation credit card deployment
Interested in our upcoming paper? Simply fill in the form below to have the document delivered to your inbox the moment it goes live:
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