India has witnessed a remarkable surge in the utilisation of credit cards. The country has over 85 million cards in circulation, owned by more than 38 million unique users.
Indians are embracing this payment method in greater and greater numbers, with many taking advantage of new digitally-enabled ways – via the United Payments Interface (UPI) – of accessing credit.
While the biggest story in India had been Buy Now, Pay Later (BNPL), analysts and market participants are beginning to see the real driver behind BNPL’s success: an exploding demand for credit among India’s population. In April 2023, credit card transactions overtook those on debit card for the first time in the country.
In Pismo’s latest whitepaper, you’ll find a technology guide for banking and fintech leaders that features:
- An overview of the card market
- Analysis of market platforms
- Demographic strategies
- Product launch recommendations
- A case study in success
Click to download the paper.
