In 2023, India had 0.040 credit cards per inhabitant. Forecasts indicate a gradual increase, with figures projected to reach 0.046 by 2028. The year-on-year growth rate shows a consistent, albeit modest, rise: 2.4% from 2024 to 2027, accelerating to 4.4% in 2028. The Compound Annual Growth Rate (CAGR) from 2024 to 2028 is expected at around 2.37%, indicating steady but slow growth in credit card adoption.

Future trends to watch for include:

Increased digital financial literacy improving credit card penetration.
India's growing middle class driving higher credit card adoption rates.
Government financial inclusion initiatives potentially boosting credit card usage further.
Technological advancements in fintech offering more attractive credit solutions.