India Credit Card Market to Reach USD 38.3 Billion by 2034 | 7.41% CAGR | Get Free Sample Report

According to IMARC Group's report titled "India Credit Card Market Size, Share, Trends and Forecast by Type, Service Providing Company, Credit Score, Credit Limit, Card Type, Benefits and Region, 2026-2034" the report offers a comprehensive analysis of the industry, including market share, growth, trends, and regional insights.

India Credit Card Market Overview

The India credit card market size reached USD 20.1 Billion in 2025. Looking forward, IMARC Group forecasts the market to grow to USD 38.3 Billion by 2034, exhibiting a compound annual growth rate (CAGR) of 7.41% during the forecast period 2026-2034. This growth is driven by factors such as high digital adoption, increasing disposable incomes, expanding e-commerce, and greater financial literacy.

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India Credit Card Market Key Takeaways

• Current Market Size: USD 20.1 Billion (2025)
• CAGR: 7.41%
• Forecast Period: 2026-2034
• The growth of the India credit card market is fueled by rising digital adoption and growing disposable incomes.
• Increasing e-commerce activities and rising financial literacy contribute significantly to market expansion.
• Attractive rewards schemes and convenience in accessing credit enhance the market share.
• The trend towards cashless transactions is accelerating credit card usage in India.

India Credit Card Market Growth Factors

The credit card market has the potential to grow due to macroeconomic tailwinds and excitement around new modes of managing consumer finance. In addition to income growth and urbanization, issuance is expected to be driven by metro and Tier-1 cities, with accelerating penetration in Tier-2/3 cities expected to follow in due course. In addition, the emergence of Account Aggregators for credit scoring is allowing lenders to onboard new-to-credit customers from segments of the market that were previously excluded. Likewise, new regulations around enabling digital payments and for data protection and privacy are easing innovation while safeguarding consumer interests. Women's and freelancers' untapped economic potential is high, and issuers are creating new card accounts for consumers with complex cash flows.

The convergence of credit cards with the travel, healthcare and education ecosystems may support consumer use cases beyond use at retail point-of-sale terminals as the market continues to develop. With advent of enabling technology such as UPI-linked credit card and biometric authentication, card-based payments can move from premium markets towards mass-affluent markets and finally drive financial inclusivity through responsible credit availability. The next phase of growth could be driven by finding the right balance between innovation and managing risk to ensure sustainable growth across India's socio-economic spectrum.

India Credit Card Market Trends

The Indian credit card market is transforming because people adopt digital technology, consumer preferences change, and financial products innovate. Digital-native credit cards represent one of the fastest growing segments in the Indian credit card landscape because millennials and Gen Z consumers prefer them due to their app-based management and instant rewards. Also, hyper-personalization driven through the advance of AI-powered solutions is growing as banks begin to customize features like the categories eligible for cashback and credits based on customers' spending patterns. Partnering with e-commerce companies and co-branding cards that combine discounts and loyalty points for purchases strengthens the connection between payment processing and shopping.

At the same time, NFC-enabled cards and tokenization as a fraud prevention measure have made contactless payments the new table stakes, and the introduction of cards with subscription-based credit and rewards has helped satisfy the increasing demand for lifestyle privileges among affluent customers. In addition, green credit cards that come with a carbon offsetting program signal more environmental awareness on the part of urban customers. Also, embedded credit cards that connect directly to buy-now-pay-later (BNPL) are on the rise within a younger demographic, in particular. These innovations exist as part of a broader trend, where the market is evolving from a transactional tool to a holistic financial companion, blending convenience, personalization, and value-added services.

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India Credit Card Market Segmentation

Type Insights:

• General Purpose
• Private Label

Service Providing Company Insights:

• Visa
• Mastercard
• RuPay
• Others

Credit Score Insights:

• 300-500
• 501-700
• 701-850
• Above 851

Credit Limit Insights:

• Up to 25K
• 25-50K
• 51K-2L
• 2L-5L

Card Type Insights:

• Base
• Signature
• Platinum

Benefits Insights:

• Cashback
• Voucher

Regional Insights

• North India
• South India
• East India
• West India

The India credit card market is dominated by the North India region, which holds the largest market share. The market is forecasted to grow at a CAGR of 7.41% during 2026-2034, driven by economic activities and higher adoption of credit card usage across these regions.

India Credit Card Market Key Players

The report offers an in-depth examination of the competitive landscape, including market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.

India Credit Card Market Recent Developments & News

• In July 2024, HDFC Bank, India's largest bank, updated terms for its credit card holders effective from August 1, 2024.
• In December 2024, ICICI Bank and Times Internet launched a super-premium co-branded metal credit card backed by Visa, named 'Times Black ICICI Bank Credit Card.'
• The card offers luxury travel perks and tailored privileges for affluent customers, with distinct metal cards embedded with historical printing plates symbolizing a blend of tradition and modernity.

India Credit Card Market Key Highlights of the Report

• Offers comprehensive quantitative analysis of market segments and historical/current trends.
• Provides insights on market drivers, challenges, and opportunities.
• Includes Porter's five forces analysis to evaluate competitive intensity and market attractiveness.
• Detailed competitive landscape analysis with company positioning and strategy evaluation.
• Extensive segmentation by type, service provider, credit score, credit limit, card type, benefits, and region.

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IMARC Group is a global management consulting firm that helps ambitious changemakers create a lasting impact. The company offers comprehensive market assessment, feasibility studies, incorporation support, regulatory assistance, branding and strategy services, and procurement research.

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