India Cards and Payments: Opportunities and Risks to 2030
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GlobalData’s ‘India Cards and Payments: Opportunities and Risks to 2030' report provides detailed analysis of market trends in India cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including debit, credit and charge cards during the review-period (2022–26e).
The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2026e–30f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.
The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.
GlobalData’s ‘India Cards and Payments: Opportunities and Risks to 2030' report provides top-level market analysis, information and insights into India cards and payments industry, including:
– Current and forecast values for each market in India cards and payments industry, including debit, credit and charge cards.
– Detailed insights into payment instruments including credit transfer, cash, cards, direct debits and cheques. It also, includes an overview of the country's key alternative payment instruments.
– Ecommerce market analysis.
– Analysis of various market drivers and regulations governing India cards and payments industry.
– Detailed analysis of strategies adopted by banks and other institutions to market debit, credit and charge cards.
– Comprehensive analysis of consumer attitudes and buying preferences for cards.
– The competitive landscape of India cards and payments industry.
Scope
Card market size in terms of number of cards, value and volume of transactions in India along with detailed card segmentation of debit, credit and charge cards available in the country.
Market sizing and analysis of major payment instruments including credit transfer, cash, cards, direct debits and cheques.
Payment market trends and growth for both historical and forecast period
Competitor analysis with detailed insights into leading card issuers and schemes.
Comprehensive analysis of consumer attitudes and buying preferences for cards.
A detailed snapshot of country's key alternative payment brands.
Key Highlights
In March 2026, the RBI launched Payments Vision 2028—a strategic framework for strengthening India’s payment ecosystem through to December 2028 and building on the objectives of Payments Vision 2025. The initiative focused on improving the security, resilience, efficiency, and accessibility of payment systems, while supporting continued digital payment adoption. Key priorities included stronger fraud prevention, improved cross-border payment processes, expanded interoperability across payment platforms, streamlined regulatory processes, and enhanced cyber risk management. The vision also emphasized customer protection, operational reliability, and innovation within a well-governed regulatory framework to support the sustainable growth of India’s digital payments ecosystem.
In June 2026, India and Nepal launched a peer-to-peer (P2P) cross-border remittance system by linking UPI with Nepal’s National Payments Interface. The initiative allowed users in both countries to initiate secure, instant transfers using mobile banking apps and digital wallets. It aimed to support financial inclusion by strengthening digital and economic integration and improving convenience for individuals and businesses operating across the India-Nepal corridor. The technical implementation was delivered collaboratively by NPCI International Payments Limited (NIPL)—the international arm of the NPCI—and Nepal Clearing House Limited and it aimed to reduce reliance on physical currency exchange, lower operational costs for merchants, and accelerate settlement times.
In October 2025, India’s Ministry of Finance launched new digital payments initiatives for UPI. These initiatives included biometric authentication—such as fingerprint or facial recognition—instead of entering a UPI PIN, an Aadhaar-based facial verification process to set or reset UPI PINs without requiring debit card details or multiple one-time passwords (OTPs), and a cash withdrawal facility. The cash withdrawal feature enabled withdrawals via UPI through micro-ATMs at Business Correspondent locations.
Reasons to Buy
Make strategic business decisions, using top-level historic and forecast market data, related to India cards and payments industry and each market within it.
Understand the key market trends and growth opportunities in India cards and payments industry.
Assess the competitive dynamics in India cards and payments industry.
Gain insights into marketing strategies used for various card types in India.
Gain insights into key regulations governing India cards and payments industry.
Indian Banks’ Association
NPCI
Au Small Finance Bank
Bank of Baroda
Bank of India
Bank of Maharashtra
Canara Bank
Central Bank of India
Citibank
Diners Club
Federal Bank
FINO Payments Bank
HDFC Bank
HSBC
IDBI Bank
IDFC First Bank
IndusInd Bank
Indian Bank
Indian Overseas Bank
Kotak Mahindra Bank
Mastercard
Paytm Payments Bank
Punjab National Bank
RBL Bank
RuPay
Standard Chartered
State Bank of India
UCO Bank
Union Bank of India
Ujjivan Small Finance Bank
Visa
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India Cards and Payments: Opportunities and Risks to 2030 was curated by the best experts in the industry and we are confident about its unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:
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