Forecast: Value of Payments by Cards with a Credit Function in India

The value of payments by cards with a credit function in India has shown significant growth from 2013 to 2023. Starting at USD 26.26 billion in 2013, the value rose to USD 106.52 billion in 2023. Noteworthy growth rates were observed, including peaks in 2017 (44.2% YoY) and 2016 (30.32% YoY). However, the market experienced declines in 2019 and 2020, with -1.31% and -12.2% YoY changes respectively. Despite these dips, there was a strong recovery in 2021 with a 33.29% YoY increase. The Compound Annual Growth Rate (CAGR) over the last five years was 3.86%.

Looking forward, the value is set to increase to USD 131.55 billion by 2028, indicating a forecasted 5-year CAGR of 3.26% and a total growth rate of 17.39%. Key future trends to watch include the impact of digital banking innovations, changes in consumer spending behavior, regulatory shifts, and advances in payment security technologies.