India Cards and Payments: Opportunities and Risks to 2029

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GlobalData’s ‘India Cards and Payments: Opportunities and Risks to 2029' report provides detailed analysis of market trends in the Indian cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, card, credit transfer, direct debits, and cheques during the review-period (2021–25e).

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 (2025e–29f). 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 2029' report provides top-level market analysis, information and insights into the Indian cards and payments industry, including –
• Current and forecast values for each market in the Indian cards and payments industry, including debit, credit and charge cards.
• Detailed insights into payment instruments including cash, credit transfer, card, cheques and direct debits . It also, includes an overview of the country's key alternative payment instruments.
• Ecommerce market analysis.
• Analysis of various market drivers and regulations governing the Indian 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 the Indian cards and payments industry.

Scope

Card market size in terms of number of cards, value and volume of transactions in Indiaalong with detailed card segmentation of debit, credit and charge cards available in the country.

Market sizing and analysis of major payment instruments including cash, credit transfer, card, cheques and direct debits .

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

India is one of the top real-time payments (instant payment) markets globally, following the launch of the RBI-backed system UPI which enables users to transfer funds and make payments in real time via mobile devices. The UPI Circle feature was launched in August 2024, allowing users to delegate payments to secondary users from their linked bank accounts. This will promote financial inclusion by extending access to those without individual UPI accounts. Primary users maintain control by setting transaction limits and permissions within their ‘circle’, facilitating convenient and controlled financial management for families and groups.

Digital payments are also being extend to public transport. In January 2025, the NPCI partnered with Chennai's Metropolitan Transport Corporation (MTC) to implement RuPay On-The-Go, a contactless payment solution for public transit. This integration offers seamless travel between Chennai Metro, MTC buses, and Metro parking facilities using a single card. Launched under the NCMC program, RuPay On-The-Go offers a contactless transit experience across multiple Indian cities via a single RuPay contactless card. The system supports stored value ticketing for use across various transit modes and enables offline transactions, ensuring functionality even in areas with limited or no internet connectivity.

Digital wallet adoption and usage remain high in India, supported by the large young and tech-savvy population, growing awareness of the technology, and increasing smartphone penetration. International brands are expanding their services in the country which further drives competition in the market. In May 2024, Google Wallet was launched in India, allowing users to store and retrieve digital documents, such as boarding passes, movie tickets, and more. However, the app will not allow users to store payment cards and access the tap-and pay feature in stores. Google has partnered with 20 brands to enable this feature, including PVR & INOX, Air India, Indigo, Flipkart, Pine Labs, Kochi Metro, and Abhibus.

Reasons to Buy

Make strategic business decisions, using top-level historic and forecast market data, related to the Indian cards and payments industry and each market within it.

Understand the key market trends and growth opportunities in the Indian cards and payments industry.

Assess the competitive dynamics in the Indian cards and payments industry.

Gain insights into marketing strategies used for various card types in India.

Gain insights into key regulations governing the Indian cards and payments industry.

HDFC Bank
ICICI Bank
State Bank of India
Axis Bank
IndusInd Bank
Kotak Mahindra Bank
IDFC First Bank
Bank of Baroda
YES BANK
Federal Bank
HSBC
AU Small Finance Bank
Standard Chartered
Canara Bank
Union Bank of India
Citibank
Indian Bank
Punjab National Bank
Bank of India
IDBI Bank
Indian Overseas Bank
RBL Bank
Diners Club
RuPay
Visa
Mastercard
American Express

Table of Contents

Table of Contents

1. Executive Summary

2. Market Overview

3. Payment Instruments

4. Card-Based Payments

5. Merchant Acquiring

6. Ecommerce Payments

7. In-Store Payments

8. Buy Now Pay Later

9. Mobile Payments

10. P2P Payments

11. Bill Payments

12. Alternative Payments

13. Payment Innovation

14. Job Analysis

15. Payment Infrastructure and Regulation

16. Appendix

Table

Key facts, 2025

Benchmarking of payment cards, 2025e

Payment instrument transaction values (LCU), 2021–29f

Payment instrument transaction values ($), 2021–29f

Payment instrument transaction volumes (units), 2021–29f

Payment cards in circulation by type (units), 2021–29f

Volume of payment card transactions (units), 2021–29f

Value of payment card transactions (LCU), 2021–29f

Value of payment card transactions ($), 2021–29f

Debit cards in circulation (units), 2021–29f

Debit card transaction volumes, 2021–29f

Debit card transaction values (LCU), 2021–29f

Debit card transaction values ($), 2021–29f

Debit cards in circulation by scheme (units), 2021–25e

Debit card transaction values by scheme (LCU), 2021–25e

Debit card transaction values by scheme ($), 2021–25e

Debit cards in circulation by issuer (units), 2021–25e

Debit cards transaction value by issuer (LCU), 2021–25e

Debit cards transaction value by issuer ($), 2021–25e

Credit and charge cards in circulation (units), 2021–29f

Credit and charge card transaction volumes, 2021–29f

Credit and charge card transaction values (LCU), 2021–29f

Credit and charge card transaction values ($), 2021–29f

Credit and charge cards in circulation by scheme (units), 2021–25e

Credit and charge card transaction values by scheme (LCU), 2021-25e

Credit and charge card transaction values by scheme ($), 2021–25e

Credit and charge cards in circulation by issuer (units), 2021–25e

Credit and charge cards transaction value by issuer (LCU), 2021–25e

Credit and charge cards transaction value by issuer ($), 2021–25e

Credit cards in circulation (units), 2021–29f

Credit card transaction volumes, 2021–29f

Credit card transaction values (LCU), 2021–29f

Credit card transaction values ($), 2021–29f

Credit cards in circulation by scheme (units), 2021–25e

Credit card transaction values by scheme (LCU), 2021–25e

Credit card transaction values by scheme ($), 2021–25e

Credit cards in circulation by issuer (units), 2021–25e

Credit cards transaction value by issuer (LCU), 2021–25e

Credit cards transaction value by issuer ($), 2021–25e

Charge cards in circulation (units), 2020–29f

Charge card transaction volumes, 2020–29f

Charge card transaction values (LCU), 2020–29f

Charge card transaction values ($), 2020–29f

Charge cards in circulation by scheme (units), 2021–25e

Charge card transaction values by scheme (units), 2021–25e

Charge card transaction values by scheme ($), 2021–25e

Prepaid cards in circulation (millions), 2021–29ePrepaid card transaction values (LCU), 2021–29e

Prepaid card transaction values ($), 2021–29e

Merchant acquiring transaction volumes (units), 2021–29f

Merchant acquiring transaction values (LCU), 2021–29f

Merchant acquiring transaction values ($), 2021–29f

Acquirers’ transaction volumes (units), 2021–25e

Acquirers’ transaction values (LCU), 2021–25e

Acquirers’ transaction values ($), 2021–25e

Retail outlets and card-accepting merchants (units), 2021–29f

Debit card average interchange fees (%), 2021–25e

Credit and charge card average interchange fees (%), 2021–25e

Debit card merchant service charge and interchange fee (%), 2021–29f

Credit and charge card merchant service charge and interchange fee (%), 2021–29f

Retail market by product categories (LCU), 2021–29f

Retail market by product categories ($), 2021–29f

Retail market by service categories (LCU), 2019–23

Retail market by service categories ($), 2019–23

Figures

Inflation rate

GDP growth rate

Payment instruments transaction value and volume

Instant payments transaction value and volume

Card penetration

Card payments by value

Debit card frequency of payments and average transaction value

Debit card schemes transaction value and volume

Debit card issuers by number of cards and transaction value

Credit card frequency of payments and average transaction value

Credit card schemes transaction value and volume

Credit card issuers by number of cards and transaction value

Credit card debt

Prepaid Cards: Market Sizing and Forecasting

Contactless card holding and usage in detail

E-commerce transaction value and ecommerce breakdown by mobile vs. desktop/laptop

Ecommerce market by product and services

Ecommerce market by paymnet tools

Factors driving in-store payments and In-store transaction value by payment method

In-store transaction value by products and services

BNPL service used in the last six months and Preferred BNPL brand/tool for in-store payments

BNPL online transaction value and transaction volume

BNPL share of overall ecommerce transaction value and preferred BNPL brand/tool for online payments

Mobile wallet holding and use by demographic

Mobile wallet funding methods, mobile wallet preference by product/service and mobile wallet ownership by brand

Domestic and international P2P money transfers

Paymnet tool preference for bill payment and bill paymnet frequency

Active jobs intensity in the country

Number of POS terminals and ATMs

India Cards and Payments: Opportunities and Risks to 2029 standard reports
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