The number of cards with a debit function in India saw significant growth from 2013 to 2023, rising from 394.42 million units in 2013 to 1,122.9 million units in 2023. Key variations include substantial increases in 2014 (40.32%) and 2021 (31.91%), though there was a notable decline of 13.22% in 2020. The five-year CAGR from 2018 to 2023 stood at 3.96%, reflecting an overall steady growth trend.
Future trends to watch for:
- Emphasis on digital payment adoption and mobile banking integration
- Potential regulatory changes impacting debit card issuance and usage
- Technological advancements in contactless payment and security features
- Fluctuations due to economic conditions and consumer behavior shifts