Key Market Indicators
India's credit card market is projected to witness significant growth, with the number of credit cards expected to reach approximately 65 million units by 2028. This marks an increase from around 54 million units in 2023, reflecting an average annual growth rate of 2.8%. Since 2017, the supply of credit cards in India has risen by an average of 2.9% each year. In 2023, India ranked ninth globally in terms of the number of credit cards issued, trailing behind the United Kingdom, which also reported around 54 million units. Leading the global rankings were China, Japan, and Brazil, holding the second, third, and fourth positions, respectively. In terms of credit card transactions, the Indian market is anticipated to reach approximately $132 billion by 2028. This is up from about $107 billion in 2023, growing at an average annual rate of 3.3%. Since 2017, the demand for credit card transactions in India has surged by an average of 3.9% per year. In 2023, India ranked eighth in the global market, with Brazil slightly ahead at $107 billion. South Korea, Japan, and Canada occupied the second, third, and fourth spots, respectively, in this ranking.
