In India, the number of cards with a debit function per inhabitant stood at 0.88 in 2023. Forecasted data indicates a growing trend, with values of 0.92 in 2024, 0.96 in 2025, 0.99 in 2026, 1.03 in 2027, and 1.07 in 2028.
The year-on-year variation shows an incremental increase: - 4.55% from 2023 to 2024,- 4.35% from 2024 to 2025,- 3.13% from 2025 to 2026,- 4.04% from 2026 to 2027,- 3.88% from 2027 to 2028.
The Compound Annual Growth Rate (CAGR) over the last 5 years is approximately 3.75%.
Future trends to watch for include increased digital payment adoption, the impact of financial inclusion initiatives, and technological advancements in mobile banking. These factors may continue to drive the upward trend in the number of debit cards per inhabitant.
