In 2023, the number of cards with a cash function per inhabitant in India was less than 0.95. Over the forecast period from 2024 to 2028, this figure is expected to steadily increase, reaching 1.09 by 2028. The year-on-year growth from 2024 to 2028 shows a moderate upward trend, with the value incrementally increasing by approximately 3-4% each year. The overall five-year compound annual growth rate (CAGR) is around 3.5%.
Looking ahead, key trends to watch include potential impacts due to technological advancements in digital payments and government policies aimed at boosting financial inclusion. Continuous analysis of consumer behavior and banking innovations will be crucial in understanding the evolving landscape of financial products in India.
