Forecast: Number of Cards with a Payment Function in India

The number of cards with a payment function in India has seen significant fluctuations between 2013 and 2023, with the value standing at 2,492.2 million units in 2023. Notable variations include a sharp increase of 39.37% in 2014 and a substantial drop of -13.12% in 2020, likely impacted by economic disruptions. The most recent annual growth rate for 2023 is 3.87%, down from more substantial growth in earlier years.

The five-year compound annual growth rate (CAGR) up to 2023 is 3.89%, reflecting moderate growth compared to previous periods. The forecast for the next five years indicates a 2.77% CAGR, suggesting continued but slower growth, reaching approximately 2,983.7 million units by 2028, a 14.66% increase from 2023.

Future trends to watch for include the impact of rapid digitization, evolving payment technologies, and the economic climate on card adoption. Additionally, regulatory changes and increased competition from digital wallets and other fintech solutions could further influence the growth trajectory of payment cards in India.