According to IMARC Group’s report titled "India Credit Card Market Size, Share, Trends and Forecast by Type, Service Providing Company, Credit Score, Credit Limit, Card Type, Benefits and Region, 2026-2034" the report offers a comprehensive analysis of the industry, including market share, growth, trends, and regional insights.
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India Credit Card Market Overview
The India credit card market size reached USD 20.1 Billion in 2025. Looking forward, IMARC Group expects the market to reach USD 38.3 Billion by 2034, exhibiting a growth rate (CAGR) of 7.41% during 2026-2034. The market growth is fueled by high digital adoption, increasing disposable incomes, expanding e-commerce, and higher financial literacy. Furthermore, attractive reward schemes and the trend towards cashless transactions continue to drive credit card adoption. The report presents a thorough review featuring the India credit card market report, growth, share, trends, and research of the industry.
India Credit Card Market Key Takeaways
- Current Market Size: USD 20.1 Billion in 2025
- CAGR: 7.41%
- Forecast Period: 2026-2034
- Significant growth driven by digital and contactless payments fueled by smartphone and internet penetration.
- Increased customer preference for rewards such as cashback, travel miles, discounts, and event access.
- Rise in co-branded and premium credit cards targeting upscale consumers.
- Customized reward programs for specific spending categories like fuel and groceries enhance customer loyalty.
India Credit Card Market Growth Factors
- High digital adoption with greater smartphone and internet penetration facilitating easy tap-and-go payments.
- Growing disposable incomes increasing the credit card user base.
- Expanding e-commerce sector encouraging more credit card usage.
- Rising financial literacy improving awareness and confidence in credit card use.
- Attractive rewards and cashback schemes motivating consumer engagement.
- Convenience in accessing credit compared to traditional lending methods.
- Shift towards cashless transactions accelerated by the COVID-19 pandemic.
- Integration with mobile wallets and UPI excellence enhancing payment convenience.
- Proliferation of co-branded and premium cards providing personalized benefits.
India Credit Card Market Trends
- Substantial movement toward contactless and digital payments in recent years.
- Introduction of contactless credit cards enabling low-value transactions without PIN authentication.
- COVID-19 accelerated shift toward touch-less payment methods for health safety.
- Compatibility of credit cards with payment apps like Google Pay, PhonePe, and Paytm increases convenience.
- Growing preference for added benefits such as rewards, cashback, and mobile payment features attracting tech-savvy customers.
- In October 2024, UPI handled 16.58 billion financial transactions, signifying digital payment growth.
- Increasing focus on competitive reward schemes including cashback, travel miles, and special access events.
- Growing popularity of co-branded cards linked with airlines and luxury labels among upscale shoppers.
- Custom rewards targeting spending categories like fuel, entertainment, and groceries reinforce customer loyalty and retention.
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India Credit Card Market Segmentation
Type Insights:
- General Purpose
- Private Label
Service Providing Company Insights:
- Visa
- Mastercard
- RuPay
- Others
Credit Score Insights:
- 300-500
- 501-700
- 701-850
- Above 851
Credit Limit Insights:
- Up to 25K
- 25-50K
- 51K-2L
- 2L-5L
Card Type Insights:
- Base
- Signature
- Platinum
Benefits Insights:
- Cashback
- Voucher
Regional Insights
- North India
- South India
- East India
- West India
The region of North India dominates the market, holding the largest share with strong CAGR growth observed in the forecast period.
India Credit Card Market Key Players
The report offers an in-depth examination of the competitive landscape, including market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.
India Credit Card Market Recent Developments & News
- In July 2024, HDFC Bank, India’s largest bank, updated terms for credit card holders effective August 1, 2024.
- In December 2024, ICICI Bank and Times Internet launched the ‘Times Black ICICI Bank Credit Card’, a super-premium co-branded metal credit card with Visa backing. It offers exclusive travel perks, luxury amenities, and personalized privileges, featuring cards made of metal embedded with historic printing plates from The Times of India, symbolizing tradition and modernity.
India Credit Card Market Key Highlights of the Report
- Comprehensive quantitative analysis of market segments from 2020 to 2034.
- Insights on market drivers, challenges, and opportunities.
- Porter's five forces analysis to assess competitive dynamics.
- Detailed competitive landscape with company positioning and strategies.
- Segment-wise historical and future market assessment.
- Post-sale analyst support and customization options.
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