Winning Bizness Desk
Mumbai. The number of credit cards in India has surged significantly, doubling over the past five years to reach approximately 108 million by December 2024, according to a report by the Reserve Bank of India (RBI). Meanwhile, the number of debit cards has remained largely stable during this period.
Sharp Growth in Credit Cards
As per the RBI report, the total number of credit cards stood at 108 million by the end of December 2024, compared to just 55.3 million in December 2019. This remarkable growth underscores the rising adoption of credit cards as a preferred mode of payment. In contrast, the number of debit cards grew modestly from 805.3 million in December 2019 to 990.9 million in December 2024.
Rise in Digital Payments
Over the last decade, India has witnessed an extraordinary rise in digital payments. In 2013, the total volume of digital transactions was 2.22 billion, valued at ₹77.2 lakh crore. By 2024, the volume of transactions had skyrocketed 94 times, reaching 207.87 billion, while the total value increased 3.5 times to ₹2,758 lakh crore. In the past five years alone, the volume of digital payments has grown 6.7 times, and the value has increased 1.6 times. This growth reflects India’s transition toward a digitally-driven economy, with digital transactions becoming more accessible and widely accepted across the country.
Retail Digital Payments Show 100-Fold Growth in 12 Years
Retail digital payments have been a significant driver of this trend. In FY 2012-13, the total volume of retail digital transactions was 1.62 billion, which has now grown to over 164.16 billion in FY 2023-24. This marks a staggering 100-fold increase over 12 years, highlighting the rapid penetration of digital payment solutions into everyday life.
UPI’s Role in Cross-Border Payments
The RBI is also focusing on expanding India’s Unified Payments Interface (UPI) to facilitate cross-border payments. By linking UPI with other countries’ fast payment systems, India aims to make cross-border transactions seamless and cost-effective, further boosting the digital payment ecosystem.
The Way Forward
India’s credit card growth and digital payment adoption reflect the country’s strong push toward a cashless economy. With more innovative payment solutions and international collaborations in the pipeline, the future of digital payments in India looks promising. The steady growth in debit cards and rapid adoption of credit cards underline the increasing trust of consumers in financial technology and digital platforms.
This trend is expected to continue as financial inclusion deepens and digital infrastructure improves, making India one of the world’s largest digital payment ecosystems.
