INDUSTRIES & MARKETS

Credit and debit card market

in India
 Table of Contents

01 Overview Number of RuPay debit cards issued under PMJDY in India 2023, by sector 20
Number of active cards of SBI Card in India FY 2018-2022 21
Share of payment systems India FY 2024 03
HDFC Bank's number of credit cards issued FY 2018-2022 22
Value of card payments India FY 2014-2022 04
HDFC Bank's number of debit cards issued FY 2018-2022 23
Volume of card payments India FY 2016-2022 05
Number of credit and debit cards of ICICI Bank FY 2019-2022 24
Value of card payments India FY 2018-2023, by type 06
Digital lending value in India 2012-2023 07
05 Frauds and complaints

02 Credit cards Value of bank frauds in India 2008-2023 26

Value of bank frauds in India FY 2018-2022, by type of fraud 27
Penetration rate of credit cards in India 2014-2029 09
Number of bank fraud cases India 2008-2023 28
Number of credit cards in use in India 2014-2029 10
Number of banking complaints in India FY 2022, by category 29
Cumulative number of credit cards issued in India FY 2013-2022 11
Credit and debit cards incidents reported in India 2022, by leading state 30
Number of credit card transactions in India 2018-2023, by location 12
Online banking frauds reported in India 2022, by state 31
Number of Kisan Credit Cards in India FY 2022, by leading state 13
Credit card market share India 2022, bank 14

03 Debit cards
Number of debit cards in India 2020-2023 16
Monthly number of debit card transactions in India 2018-2022, by transaction location 17
Debit card market share India 2022, bank 18

04 Key players

1
CHAPTER 01

Overview
 Share of payment systems across India in financial year 2024, by volume
Share of payment systems India FY 2024

USSD 0.19% RTGS 0.16%

AEPS 0.53%
Closed loop wallet 0.2% Others 9.32%
Mobile banking 1.27%
Internet banking 1.56%

Debit card 1.61%

NETC 1.82%
Credit card 2.07%

NACH 2.31%

IMPS 2.78%
NEFT 3.98%
BHIM UPI 67.40%

PPI 4.81%

3 Description: In financial year 2024, the share of Bharat Interface for Money app that uses Unified Payments Interface (BHIM UPI) was the highest compared to other payment systems in India at over 67 percent. UPI is an instant real-time payment system developed by
the National Payments Corporation of India and facilitates inter-bank transactions. Read more
Note(s): India; FY 2024
Source(s): MeitY (India); NPCI; Reserve Bank of India; Various sources (banks)
 Value of card payments in India from financial year 2014 to 2022 (in trillion
Indian rupees)
Value of card payments India FY 2014-2022

18

16

14
Value in trillion Indian rupees

12

10

17.02
8
14.35
12.92
6 11.97

9.19
4
6.58
2 3.99
2.22 2.54
0
FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

4 Description: The value of card payments in India for the fiscal year 2022 amounted to approximately 17 trillion Indian rupees, an increase from the previous year. Except financial year 2021,there has been consistent increase in card payments since fiscal year 2014, as
a result of the government's initiative to digitize the country, catalyzed by the demonetization of currency notes in November 2016. Read more
Note(s): India; FY 2014 to FY 2022; including credit and debit cards
Source(s): Reserve Bank of India
 Volume of card payments in India from financial year 2016 to 2022 (in
billions)
Volume of card payments India FY 2016-2022

6
Volume in billions

4
7.24
3 6.18 6.18
5.78
4.75
2
3.49

1 1.96

0
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

5 Description: The volume of card payment in India for the fiscal year 2022 was approximately 6.18 billion. This was a significant decrease from the fiscal year 2021. During fiscal year 2020, the volume of card payments had reached its peak in the recorded period. Read
more
Note(s): India; FY 2016 to FY 2022; includes credit and debit cards.
Source(s): Reserve Bank of India
 Value of online card payments in India from financial year 2018 to 2023, by
type (in trillion Indian rupees)
Value of card payments India FY 2018-2023, by type

Credit card Debit card

25

20
Value in trillion Indian rupees

7.2

15
7.3

7.04
10 6.61
5.93

4.6 14.32

5 9.72
7.31 6.3
6.03
4.59

0
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

6 Description: The value of debit card payments in India for fiscal year 2023 was approximately seven trillion Indian rupees, while the value of credit card based payment was more than 14 trillion Indian rupees during the same time period. The consistent utilization of
card payments can be attributed to the initiatives made by the government, aspiring to make India a cashless economy. The Indian digital payments market was estimated to reach the one trillion U.S. dollar mark by 2023. Read more
Note(s): India; FY 2018 to FY 2023; *The figures for cards are for transactions at point of sale (POS) terminals only which include online transactions. India's financial year begins in April and ends in March. For example, FY 2016 started in April 2015 [...] Read more
Source(s): Reserve Bank of India
 Value of digital lending market in India from 2012 to 2020, with estimates
until 2023 (in billion U.S. dollars)
Digital lending value in India 2012-2023

400

350
350
Digital lending in billion U.S. dollars

300
270

250

200
200

150
150
110
100
75
58
46
50 33
23
9 14
0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

7 Description: Digital lending is one of the fastest-growing fintech segments in India and grew exponentially from nine billion U.S. dollars in 2012 to nearly 150 billion dollars in 2020. It was expected that the digital lending market would reach a value of around 350 billion
dollars by 2023. This business was mainly covered by fintech startups and non-banking financial companies (NBFC). Read more
Note(s): India; 2012 to 2020
Source(s): Experian Data Quality; EY
CHAPTER 02

Credit cards
 Penetration rate of credit cards in India from 2014 to 2029
Penetration rate of credit cards in India 2014-2029

6
5.61
5.45
5.29
5.13
4.98
5 4.82
4.62 4.68
4.55
4.18 4.15
Penetration rate in percent

4 3.74 3.72
3.35 3.34
3
3

0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

9 Description: The credit card penetration in India was forecast to continuously increase between 2024 and 2029 by in total 0.8 percentage points. After the seventh consecutive increasing year, the credit card penetration is estimated to reach 5.61 percent and
therefore a new peak in 2029. Read more
Note(s): India; 2014 to 2029; all values are estimates
Source(s): Statista
 Number of credit cards in use in India from 2014 to 2029 (in millions)
Number of credit cards in use in India 2014-2029

50
45.02 45.43 45.81
44.06 44.56
45 42.86 43.49
41.39 42.16
40.53
39.57
40 38.08 38.5
Number of credit cards in millions

35
30.42
30
25.03
25
21.58
20

15

10

0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

10 Description: The number of credit cards in use in India was forecast to continuously increase between 2024 and 2029 by in total 2.3 million cards (+5.29 percent). After the fifteenth consecutive increasing year, the number is estimated to reach 45.81 million cards and
therefore a new peak in 2029. Notably, the number of credit cards in use of was continuously increasing over the past years. Read more
Note(s): India; 2014 to 2029; all values are estimates
Source(s): Statista
 Credit card issuance in India from financial year 2013 to 2022, with
estimates until 2026 (in millions)
Cumulative number of credit cards issued in India FY 2013-2022

250

200
200
Number of cards in millions

155
150

120

100 92
73
62
57
47
50 37
29

0
FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023* FY2024* FY 2025* FY 2026*

11 Description: In financial year 2022, nearly 73 million credit cards were issued in India. The cumulative number of cards increased constantly in recent years and even recovered quickly from falling numbers during the lockdown from the end of March to the end of May
2020, amidst the first wave of the coronavirus (COVID-19) pandemic. Read more
Note(s): India; FY 2017 to FY 2022; * Estimates India's financial year begins in April and ends in March. For example, FY 2022 started in April 2021 and ended in March 2022. Values have been rounded for clarity. Previous reports have been accessed [...] Read more
Source(s): PwC India; Reserve Bank of India
 Number of credit card transactions in India from March 2018 to March
2023, by transaction location (in 1,000s)
Number of credit card transactions in India 2018-2023, by location

ATM PoS
200,000

180,000
Number of transactions in thousands

160,000

140,000

120,000

100,000

80,000

60,000

40,000

20,000

0
March 2016 March 2017 March 2018 March 2019 March 2020 March 2021 March 2022 March 2023

12 Description: In March 2023, there were over 826 thousand ATM withdrawal transactions and140 million point-of sale transactions made via credit cards in India. Cash withdrawal via ATMs witnessed a significant increase as compared to last year. Read more
Note(s): India; March 2018 to March 2023
Source(s): Reserve Bank of India
 Number of Kisan Credit Cards (KCC) across India in financial year 2022, by
leading state (in millions)
Number of Kisan Credit Cards in India FY 2022, by leading state

Number of cards in millions

0 2 4 6 8 10 12

Uttar Pradesh

Maharashtra

Rajasthan

Madhya Pradesh

Karnataka

Andhra Pradesh

Telangana

Odisha

West Bengal

13 Description: In financial year 2022, over 10 million credit cards were operative under the Kisan Credit Card Scheme in the Indian state of Uttar Pradesh. It was followed by Maharashtra and Andhra Pradesh with 6.9 million and 6.2 million cards respectively. In total, 71
million cards were active that year, a decrease compared to the previous year. Read more
Note(s): India; FY 2022
Source(s): Reserve Bank of India
 Market share of credit cards in India as of October 2022, by bank
Credit card market share India 2022, bank

Market share
0% 5% 10% 15% 20% 25%

HDFC Bank 21%

SBI Cards 19%

ICICI Bank 17%

Axis Bank 11%

RBL Bank 5%

Kotak Mahindra Bank 6%

Citibank 3%

Induslnd Bank 2%

American Express 2%

Others 13%

14 Description: As of October 2022, the HDFC bank held 21 percent of share in the credit card market in India, while registering a growth of 9 percent. It was followed by SBI cards and ICICI bank with 19 percent and 17 percent market share respectively. Read more
Note(s): India; 2022
Source(s): 1Lattice; Reserve Bank of India; The Economic Times
CHAPTER 03

Debit cards
 Number of debit cards in India from March 2020 to March 2023 (in
millions)
Number of debit cards in India 2020-2023

1,000 945.58
917.67
898.2
900
828.6
800

700
Number in millions

600

500

400

300

200

100

0
Mar 2020 Mar 2021 Mar 2022 Jan 2023

16 Description: In January 2023, there were over 945 million active debit cards in India. This was an increase as compared to the figures at the end of March 2022. Read more
Note(s): India; March 2020 to January 2023
Source(s): Reserve Bank of India
 Number of debit card transactions per month in India from January 2018
to June 2022, by transaction location (in millions)
Monthly number of debit card transactions in India 2018-2022, by transaction location

ATM Point of sale

1,000

900
Number of transactions in millions

800

700

600

500

400

300

200

100

0
March 2016 March 2017 March 2018 March 2019 March 2020 March 2021 March 2022 January 2023

17 Description: In January 2023, there were over 571 million withdrawals from ATM and nearly 174 million point-of sale transactions made through debit card across India. Number of debit card transactions at point-of-sale reduced since last year. Read more
Note(s): India; March 2016 to January 2023; as of FY 2022 figures for ATM correspond indicate only cash withdrawals
Source(s): Reserve Bank of India
 Market share of debit cards in India as of October 2022, by bank
Debit card market share India 2022, bank

Market share
0% 5% 10% 15% 20% 25% 30% 35%

State Bank of India 30%

Bank of Baroda 8%

Bank of India 5%

Canara Bank 5%

Union Bank 5%

Punjab National Bank 5%

HDFC Bank 5%

ICICI Bank 4%

Axis Bank 3%

Others 30%

18 Description: As of October 2022, the public sector bank, State Bank of India held 30 percent of share in the debit card market in India. However, there was a decline in year-on-year growth by four percent. It was followed by Bank of Baroda with eight percent market
share. Read more
Note(s): India; October 2022
Source(s): 1Lattice; Reserve Bank of India; The Economic Times
CHAPTER 04

Key players
 Number of Pradhan Mantri Jan-Dhan Yojana RuPay debit cards issued in
India as of August 2023, by sector (in millions)
Number of RuPay debit cards issued under PMJDY in India 2023, by sector

400

350 339.1

293.1
300
Number in millions

250

200

150

100

50 34.5
11.5
0
Private banks Regional rural banks Public banks Total

20 Description: Of a total 339 million debit cards, about 293 million RuPay debit cards came from public sector banks under the Indian government's financial plan as of August 2023. Over eleven million were issued under the private sector. Read more
Note(s): India; as of August 2, 2023
Source(s): PMJDY; Various sources (Data from various banks)
 Number of active credit and debit cards of SBI Card in India from financial
year 2018 to 2022 (in millions)
Number of active cards of SBI Card in India FY 2018-2022

16

13.77
14

11.82
12
10.55
Number in millions

10
8.27
8
6.26
6

0
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

21 Description: In financial year 2022, around 13.77 million SBI Cards were active in India. This was a significant increase compared to the previous year. SBI Card is a leading credit card issuer and a subsidiary of the State Bank of India (SBI) and had its initial public
offering in 2020. Read more
Note(s): India; FY 2018 to FY 2022
Source(s): SBI
 Number of credit cards issued by HDFC Bank Limited from financial year
2018 to 2022 (in millions)
HDFC Bank's number of credit cards issued FY 2018-2022

18
16.5
16
14.9
14.5
Number of credit cards issued in millions

14
12.5
12
10.7

10

0
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

22 Description: At the end of financial year 2022, HDFC Bank Limited reported16.5 million active credit cards. This was an increase from the previous financial year. As of March 31, 2022, the bank had nearly 71 million customers in the country. Read more
Note(s): India; FY 2018 to FY 2022
Source(s): HDFC Bank
 Number of debit cards issued by HDFC Bank Limited from financial year
2018 to 2022 (in millions)
HDFC Bank's number of debit cards issued FY 2018-2022

50

45 43
Number of debit cards issued in millions

40
36.7
35 32.1

30
27
24.3
25

20

15

10

0
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

23 Description: At the end of financial year 2022, HDFC Bank Limited reported 40 million active debit cards. This was a significant increase from the previous financial year. As of March 31, 2022, the bank had nearly 71 million customers in the country. Read more
Note(s): India; FY 2018 to FY 2022
Source(s): HDFC Bank
 Number of active credit and debit cards of ICICI Bank from financial year
2019 to 2022 (in millions)
Number of credit and debit cards of ICICI Bank FY 2019-2022

Credit card Debit card

50

45

40
Number of cards in millions

35

30

25

20

15

10

0
FY 2019 FY 2020 FY 2021 FY 2022

24 Description: In financial year 2022, ICICI Bank in India reported around 9.91 million active credit cards and around 45 million debit cards. Although the number of credit cards kept constantly increasing since 2019, there was a slight decline in 2022. Read more
Note(s): India; FY 2019 to FY 2022
Source(s): Reserve Bank of India
CHAPTER 05

Frauds and complaints

 Value of bank frauds across India between from financial year 2009 to
2023 (in billion Indian rupees)
Value of bank frauds in India 2008-2023

2,000
1,850
1,800
Value of fraud in billion Indian rupees

1,600
1,384
1,400

1,200

1,000

800 715
604.14
600
411.67
400 302.52
239.34
194.55 186.99
200 85.91 101.71
18.6 19.99 38.16 45.01
0
FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

26 Description: In financial year 2023, the Reserve Bank of India (RBI) reported bank frauds amounting to more than 302.5 billion Indian rupees. This was a decrease from over 1.3 trillion rupees in 2021. Thereby, the value of bank frauds turned around the trend, after
India witnessed a sharp increase in bank frauds over the last decade, both in total numbers and in value of frauds. Read more
Note(s): India; FY 2009 to FY 2023
Source(s): Reserve Bank of India; The Economic Times; The Financial Express (India)
 Value of bank frauds in India from financial year 2018 to 2022, by category
of fraud (in billion Indian rupees)
Value of bank frauds in India FY 2018-2022, by type of fraud

Advances Off-balance sheet Forex transactions Card/internet Deposits Cash Cheques Others
2,000

1,800

1,600
Value in billion Indian rupees

1,400

1,200

1,000

800

600

400

200

0
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

27 Description: In financial year 2022, banking frauds in India amounted for 1.38 trillion Indian rupees, a decrease compared to a record-breaking 1604 billion rupees in the previous year. By far, the most common frauds occurred in the advances category with 583 billion
Indian rupees. In these frauds, the fraudster receives money with the help of stolen or faked banking and/or ID cards. This was followed by off-balance sheet and deposits related frauds at 10.8 and 4.9 billion rupees respectively. Read more
Note(s): India; FY 2018 to FY 2022
Source(s): Reserve Bank of India
 Number of bank fraud cases across India between from financial year
2009 to 2023
Number of bank fraud cases India 2008-2023

16,000

14,000 13,530

12,000

10,000
Number of cases

9,103
8,703

8,000 7,359
6,800
5,916
6,000 5,076
4,669 4,534 4,639 4,693
4,372 4,093 4,235 4,306
4,000

2,000

0
FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

28 Description: In financial year 2023, the Reserve Bank of India (RBI) reported a total of more than 13 thousand bank fraud cases across India. This was an increase compared to the previous year and turned around the trend of the last decade. The total value of bank
frauds decreased from 1.38 trillion Indian rupees to 302 billion Indian rupees. Read more
Note(s): India; FY 2009 to FY 2023
Source(s): Reserve Bank of India; The Economic Times; The Financial Express (India)
 Number of banking complaints in India in financial year 2022, by category
and sector (in 1,000s)
Number of banking complaints in India FY 2022, by category

Deposit account Loans and advances ATM, debit & credit cards Mobile & electronic banking
Levy of charges Pension Non-observence of fair practices Failure on commitments
70

60

50
Number in thousands

40

30

20

10

0
Small finance banks Foreign banks Private sector banks Public sector banks

29 Description: In financial year 2022, the Banking Ombudsmann Office in India received a over 14 thousand complaints related to failure on commitments, followed by complaints related to non-observance practices. Highest number of complaints registered at private
banks were related to ATM, debit and credit cards. Read more
Note(s): India; FY 2022
Source(s): Reserve Bank of India
 Number of credit and debit card fraud incidents reported across India in
2022, by leading state
Credit and debit cards incidents reported in India 2022, by leading state

Number of incidents recorded

0 100 200 300 400 500 600

Bihar 562

Telangana 535

Maharashtra 275

Odisha 147

Uttar Pradesh 68

Andhra Pradesh 39

Tamil Nadu 8

Madhya Pradesh 6

Gujarat 5

Rajasthan 5

Delhi 5

Punjab 4

Chhattisgarh 2

Jharkhand 2

Kerala 1

30 Description: In 2022, the state of Bihar in India had the highest number of credit and debit card frauds, with approximately 562 cases registered with the authorities. The country recorded over 1.6 thousand cases of credit and debit card frauds that year. This category
of crime came under the purview of Sections 420 of the Indian Penal Code. Read more
Note(s): India; 2022
Source(s): NCRB (India)
 Number of online banking frauds reported across India in 2022, by state
Online banking frauds reported in India 2022, by state

Number of cases recorded

0 500 1,000 1,500 2,000 2,500 3,000 3,500

Telangana 3,223

Maharashtra 909

Andhra Pradesh 569

Uttar Pradesh 483

Odisha 434

Bihar 168

Tamil Nadu 163

Rajasthan 109

Madhya Pradesh 99

Jharkhand 88

Delhi 72

Gujarat 71

Chhattisgarh 29

Kerala 21

Punjab 17

31 Description: In 2022, the state of Telangana in India had the highest number of fraud offences related to online banking compared to the rest of the country, with over three thousand cases registered with the authorities. The country recorded over six thousand cases
of internet banking frauds that year. This category of crime came under the purview of Sections 420 of the Indian Penal Code. Read more
Note(s): India; 2022
Source(s): NCRB (India)
 Sources

1Lattice
Bank for International Settlements
Experian Data Quality
EY
HDFC Bank
MeitY (India)
NCRB (India)
NPCI
PMJDY
PwC India
Reserve Bank of India
SBI
Statista
The Economic Times
The Financial Express (India)
Various sources (banks)
Various sources (Data from various banks)
World Bank

32