In India, the credit card user base in 2019 reached 47 million and the market is anticipated to grow at a CAGR of more than 25% during 2020 - 2025 on account of rising popularity of credit cards and growing trend of purchasing products first and paying later. Credit card market in India is smaller when compared with its counterpart debit card; however, the market is anticipated to witness significant growth in the coming years. With increasing popularity of credit cards, banks are focusing on urban and semi-urban markets in order to increase their share in the market.

India credit card market can be segmented based on type, service providing company, credit score, credit limit, card type, benefits and region. Based on type, credit card market can be bifurcated into general purpose and private label segments. General purpose is the dominant segment in the market and the segment is likely to continue its dominance in the coming years as well, as general purpose credit cards can be used at a variety of stores.

Major players operating in the country include HDFC Bank Ltd., SBI Cards and Payment Services Limited, ICICI Bank Limited, Axis Bank Limited, Citibank India and Bank of Baroda, among others. Reserve Bank of India discontinued magnetic strip-based cards from December 31, 2018 on account of increasing instances of card cloning and skimming.

Years considered for this report:

Historical Year: 2015-2018

Base Year: 2019

Estimated Year: 2020

Forecast Period: 2021–2025

Objective of the Study:

·         To assess the demand for credit cards in India.

·         To analyze and forecast the market size of credit card market across the country.

·         To classify and forecast India credit card market on the basis of type, service providing company, credit score, credit limit, card type, benefits, by region and by company.

·         To identify drivers and challenges for India credit card market.

·         To identify market trends and developments in India credit card market.

·         To identify and analyze the profile of leading players involved in India credit card market.


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In order to perform the study, TechSci Research conducted primary as well as exhaustive secondary research. Initially, TechSci Research prepared an exhaustive list of credit card companies currently invested in the market and operating in different regions across the country. Subsequently, TechSci Research conducted primary research surveys, which included primary calls, email responses, etc., with the identified companies. While interviewing, the respondents were also asked about their major competitors. Through this technique, TechSci Research was able to include companies which could not be identified due to the limitations of secondary research. TechSci Research analyzed service offerings, regional network, and regional presence of all major companies across the country.

TechSci Research calculated the market size for India credit card market by using a bottom-up technique, wherein the value for different service providing company was recorded as well as forecast for the future years. TechSci Research sourced these values from industry experts and company representatives, and externally validated through analyzing historical data of respective companies to arrive at the overall market size. Multiple secondary sources such as directories, databases, Reserve Bank of India, World Bank, company websites, company annual reports, white papers, investor presentations and financial reports were also studied by TechSci Research.


Key Target Audience:

  • Credit card companies and other stakeholders
  • Associations, organizations, forums and alliances related to credit cards
  • Government bodies such as regulating authorities and policymakers
  • Market research and consulting firms

The study is useful in providing answers to several critical questions that are important for industry stakeholders such as credit card providers and policymakers. The study would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.

Report Scope:

In this report, India credit card market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

·         Market By Type:

o    General Purpose

o    Private Label 

·         Market By Service Providing Company:

o    Visa

o    Mastercard

o    Rupay

o    Others

·         Market By Credit Score:

o    300 – 500

o    501 – 700

o    701 – 850

o    Above 851

·         Market By Credit Limit:

o    Up to 50K

o    51K-2L

o    Above 

·         Market By Card Type:

o    Base

o    Signature

o    Platinum 

·         Market By Benefits:

o    Cashbacks

o    Voucher 

·         Market By Region:

o    North

o    South

o    East

o    West

Competitive Landscape

Company Profiles: Detailed analysis of the major companies operating in the country’s credit card market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players.

In case you don’t find what you are looking for, please get in touch with our custom research team at sales@techsciresearch.com

1.       Product Overview

2.       Research Methodology

3.       Executive Summary

4.       Voice of Customer

4.1.    Most Important Factors Determining Usage for Credit Card Users

4.2.    Factors Influencing Credit Card Adoption in India

4.3.    Leading Credit Card Companies in Terms of Customer Service

4.4.    Frequency of Review of Credit Score By Credit Card Users

4.5.    Purpose of Using Credit Card

4.6.    Readiness to Increase Credit Limit

5.       India Credit Card Market Landscape

6.       India Credit Card Market Outlook

6.1.    Market Size & Forecast

6.1.1.By Volume

6.2.    Market Share & Forecast

6.2.1.By Type (General Purpose and Private Label)

6.2.2.By Service Providing Company (Visa, Mastercard, Rupay and Others)

6.2.3.By Credit Score (300 – 500, 501 – 700, 701 – 850 and Above 851)

6.2.4.By Credit Limit (Up to 50K, 51K - 2L and Above 2L)

6.2.5.By Card Type (Base, Signature and Platinum)

6.2.6.By Benefits (Cashback and Voucher)

6.2.7.By Region (West, South, North and East)

6.2.8.By Company (FY 2019)

6.3.    Market Attractiveness Index

6.3.1.By Type

6.3.2.By Service Providing Company

6.3.3.By Credit Limit

6.3.4.By Region

7.       West India Credit Card Market Outlook

7.1.    Market Size & Forecast

7.1.1.By Volume

7.2.    Market Share & Forecast

7.2.1.By Service Providing Company

7.2.2.By Credit Score

7.2.3.By Credit Limit

7.2.4.By Card Type

8.       South India Credit Card Market Outlook

8.1.    Market Size & Forecast

8.1.1.By Volume

8.2.    Market Share & Forecast

8.2.1.By Service Providing Company

8.2.2.By Credit Score

8.2.3.By Credit Limit

8.2.4.By Card Type

9.       North India Credit Card Market Outlook

9.1.    Market Size & Forecast

9.1.1.By Volume

9.2.    Market Share & Forecast

9.2.1.By Service Providing Company

9.2.2.By Credit Score

9.2.3.By Credit Limit

9.2.4.By Card Type

10.   East India Credit Card Market Outlook

10.1.                     Market Size & Forecast

10.1.1.    By Volume

10.2.                     Market Share & Forecast

10.2.1.    By Service Providing Company

10.2.2.    By Credit Score

10.2.3.    By Credit Limit

10.2.4.    By Card Type

11.   Market Dynamics

11.1.                     Drivers

11.2.                     Challenges

12.   Market Trends and Developments

13.   Policy & Regulatory Landscape

14.   India Economic Profile

15.   Competitive Landscape

15.1.                     Company Profiles

15.1.1.    HDFC Bank Ltd.

15.1.2.    SBI Cards and Payment Services Limited

15.1.3.    ICICI Bank Limited

15.1.4.    Axis Bank Limited

15.1.5.    Citibank India

15.1.6.    Bank of Baroda

15.1.7.    RBL Bank Ltd.

15.1.8.    Kotak Mahindra Bank Limited

15.1.9.    Punjab National Bank

15.1.10.                        IndusInd Bank

16.   Strategic Recommendations

17.   TechSci Research – Awards & Recognition

18.   TechSci Research – Prestigious Clients

19.   About Us & Disclaimer

 (Note: The companies list can be customized based on the client requirements)

In case you don’t find what you are looking for, please get in touch with our custom research team at sales@techsciresearch.com
  • List of Figures

    Figure 1: India Cumulative Credit Card Market Size, By Volume, 2015-2025F (Million)

    Figure 2: India Card (Credit/Debit) Transactions, By Volume, 2015-2019 (Billion)

    Figure 3: India Incremental Credit Card Market Size, By Volume, 2015-2025F (Million)

    Figure 4: India Card (Credit/Debit) Transactions, By Value, 2015-2019 (USD Billion)

    Figure 5: India Cumulative Credit Card Market Share, By Type, By Volume, 2015-2025F

    Figure 6: India Cumulative Credit Card Market Share, By Service Providing Company, By Volume, 2015-2025F

    Figure 7: India Cumulative Credit Card Market Share, By Credit Score, By Volume, 2015-2025F

    Figure 8: India Cumulative Credit Card Market Share, By Credit Limit, By Volume, 2015-2025F

    Figure 9: India Cumulative Credit Card Market Share, By Card Type, By Volume, 2015-2025F

    Figure 10: India Cumulative Credit Card Market Share, By Benefit, By Volume, 2015-2025F

    Figure 11: India Cumulative Credit Card Market Share, By Region, 2019 & 2025F

    Figure 12: India Cumulative Credit Card Market Share, By Company, By Volume, 2019

    Figure 13: Type Map-Market Size (Million) & Growth Rate (%)

    Figure 14: Service Providing Company Map-Market Size (Million) & Growth Rate (%)

    Figure 15: Credit Limit Map-Market Size (Million) & Growth Rate (%)

    Figure 16: Region Map-Market Size (Million) & Growth Rate (%)

    Figure 17: West India Cumulative Credit Card Market Size, By Volume, 2015-2025F (Million)

    Figure 18: India Credit Card Transaction, By Volume, 2015-2019 (Billion)

    Figure 19: West India Incremental Credit Card Market Size, By Volume, 2015-2025F (Million)

    Figure 20: India Credit Card Transactions, By Value, 2015-2019 (USD Billion)

    Figure 21: West India Cumulative Credit Card Market Share, By Service Providing Company, By Volume, 2015-2025F

    Figure 22: West India Cumulative Credit Card Market Share, By Credit Score, By Volume, 2015-2025F

    Figure 23: West India Cumulative Credit Card Market Share, By Credit Limit, By Volume, 2015-2025F

    Figure 24: West India Cumulative Credit Card Market Share, By Card Type, By Volume, 2015-2025F

    Figure 25: South India Cumulative Credit Card Market Size, By Volume, 2015-2025F (Million)

    Figure 26: India Credit Card Usage at ATM, By Volume, 2015-2019 (Million)

    Figure 27: South India Incremental Credit Card Market Size, By Volume, 2015-2025F (Million)

    Figure 28: India Credit Card Usage at ATM, By Value, 2015-2019 (USD Million)

    Figure 29: South India Cumulative Credit Card Market Share, By Service Providing Company, By Volume, 2015-2025F

    Figure 30: South India Cumulative Credit Card Market Share, By Credit Score, By Volume, 2015-2025F

    Figure 31: South India Cumulative Credit Card Market Share, By Credit Limit, By Volume, 2015-2025F

    Figure 32: South India Cumulative Credit Card Market Share, By Card Type, By Volume, 2015-2025F

    Figure 33: North India Cumulative Credit Card Market Size, By Volume, 2015-2025F (Million)

    Figure 34: India Credit Card Usage at POS, By Volume, 2015-2019 (Billion)

    Figure 35: North India Incremental Credit Card Market Size, By Volume, 2015-2025F (Million)

    Figure 36: India Credit Card Usage at POS, By Value, 2015-2019 (USD Billion)

    Figure 37: North India Cumulative Credit Card Market Share, By Service Providing Company, By Volume, 2015-2025F

    Figure 38: North India Cumulative Credit Card Market Share, By Credit Score, By Volume, 2015-2025F

    Figure 39: North India Cumulative Credit Card Market Share, By Credit Limit, By Volume, 2015-2025F

    Figure 40: North India Cumulative Credit Card Market Share, By Card Type, By Volume, 2015-2025F

    Figure 41: East India Cumulative Credit Card Market Size, By Volume, 2015-2025F (Million)

    Figure 42: India POS Terminals & ATMs, 2014 - 2018 (‘000)

    Figure 43: East India Incremental Credit Card Market Size, By Volume, 2015-2025F (Million)

    Figure 44: Demand Projections for Commercial Spaces in India (Across Top 8 Cities), (Million sq ft), 2013-2018

    Figure 45: East India Cumulative Credit Card Market Share, By Service Providing Company, By Volume, 2015-2025F

    Figure 46: East India Cumulative Credit Card Market Share, By Credit Score, By Volume, 2015-2025F

    Figure 47: East India Cumulative Credit Card Market Share, By Credit Limit, By Volume, 2015-2025F

    Figure 48: East India Cumulative Credit Card Market Share, By Card Type, By Volume, 2015-2025F