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Financial Cards and Payments in India

Publisher Euromonitor International
Published Jan 14, 2026
Length 55 Pages
SKU # EP20773190

Description

The financial cards and payments landscape in India is evolving rapidly, with 2025 marked by notable developments in terms of more segmented consumer use of particular payment methods. For example, local consumers continued to move smaller transactions to electronic transactions like UPI, while debit cards were primarily used for mid-value purchases and ATM withdrawals.

Euromonitor International's Financial Cards and Payments in India report establishes the size and structure of the market for ATMs cards, smart cards, credit cards, debit cards, charge cards, pre-paid cards and store cards. It looks at key players in the market (issuers and operators), number of cards in circulation, numbers transactions and value of transactions. It offers strategic analysis of sector forecasts and trends to watch.

Product coverage: Financial Cards in Circulation, Mobile Payments, Transactions.

Data coverage: market sizes (historic and forecasts), company shares, brand shares and distribution data.

Why buy this report?
* Get a detailed picture of the Financial Cards and Payments market;
* Pinpoint growth sectors and identify factors driving change;
* Understand the competitive environment, the market’s major players and leading brands;
* Use five-year forecasts to assess how the market is predicted to develop.

Table of Contents

55 Pages
Financial Cards and Payments in India
Euromonitor International
January 2026
List Of Contents And Tables
FINANCIAL CARDS AND PAYMENTS IN INDIA
EXECUTIVE SUMMARY
More segmented use of payment methods
KEY DATA FINDINGS
INDUSTRY PERFORMANCE
Evolving financial cards and payments landscape
Electronic transfers dominated by UPI for everyday payments while cards used for intentional high-value transactions
Rising adoption in smaller cities reshapes product demand
WHAT’S NEXT?
Ongoing development of the payments ecosystem
COMPETITIVE LANDSCAPE
Segmented competitive landscape
MARKET INDICATORS
Table 1 Number of POS Terminals: Units 2020-2025
Table 2 Number of ATMs: Units 2020-2025
Table 3 Value Lost to Fraud 2020-2025
Table 4 Card Expenditure by Location 2025
Table 5 Financial Cards in Circulation by Type: % Number of Cards 2020-2025
Table 6 Domestic versus Foreign Spend 2025
MARKET DATA
Table 7 Financial Cards by Category: Number of Cards in Circulation 2020-2025
Table 8 Financial Cards by Category: Number of Accounts 2020-2025
Table 9 Financial Cards Transactions by Category: Value 2020-2025
Table 10 Financial Cards by Category: Number of Transactions 2020-2025
Table 11 Consumer Payments by Category: Value 2020-2025
Table 12 Consumer Payments by Category: Number of Transactions 2020-2025
Table 13 M-Commerce by Category: Value 2020-2025
Table 14 M-Commerce by Category: % Value Growth 2020-2025
Table 15 Financial Cards: Number of Cards by Issuer 2020-2024
Table 16 Financial Cards: Number of Cards by Operator 2020-2024
Table 17 Financial Cards: Card Payment Transactions Value by Operator 2020-2024
Table 18 Financial Cards: Card Payment Transactions Value by Issuer 2020-2024
Table 19 Forecast Financial Cards by Category: Number of Cards in Circulation 2025-2030
Table 20 Forecast Financial Cards by Category: Number of Accounts 2025-2030
Table 21 Forecast Financial Cards Transactions by Category: Value 2025-2030
Table 22 Forecast Financial Cards by Category: Number of Transactions 2025-2030
Table 23 Forecast Consumer Payments by Category: Value 2025-2030
Table 24 Forecast Consumer Payments by Category: Number of Transactions 2025-2030
Table 25 Forecast M-Commerce by Category: Value 2025-2030
Table 26 Forecast M-Commerce by Category: % Value Growth 2025-2030
COUNTRY REPORTS DISCLAIMER
SOURCES
Summary 1 Research Sources
DEBIT CARDS IN INDIA
KEY DATA FINDINGS
2025 DEVELOPMENTS
Debit cards remains important, but for specific payment occasions
INDUSTRY PERFORMANCE
High penetration and moderating retail spend constrain growth
Changing consumer behaviour impacts debit card usage
WHAT’S NEXT?
Stable card issuance to support base growth
Declining retail transaction volumes and spend per card
Regulatory and infrastructure developments influencing the market
COMPETITIVE LANDSCAPE
Public sector banks retain leadership with RuPay dominating the debit card network
CATEGORY DATA
Table 27 Debit Cards: Number of Cards in Circulation 2020-2025
Table 28 Debit Cards Transactions 2020-2025
Table 29 Debit Cards in Circulation: % Growth 2020-2025
Table 30 Debit Cards Transactions: % Growth 2020-2025
Table 31 Debit Cards: Number of Cards by Issuer 2020-2024
Table 32 Debit Cards: Number of Cards by Operator 2020-2024
Table 33 Debit Cards Payment Transaction Value by Issuer 2020-2024
Table 34 Debit Cards Payment Transaction Value by Operator 2020-2024
Table 35 Forecast Debit Cards: Number of Cards in Circulation 2025-2030
Table 36 Forecast Debit Cards Transactions 2025-2030
Table 37 Forecast Debit Cards in Circulation: % Growth 2025-2030
Table 38 Forecast Debit Cards Transactions: % Growth 2025-2030
COUNTRY REPORTS DISCLAIMER
CREDIT CARDS IN INDIA
KEY DATA FINDINGS
2025 DEVELOPMENTS
Further expansion of credit cards
INDUSTRY PERFORMANCE
Moderate growth in transaction value driven by higher spend per card
Commercial credit cards continue to gain traction amongst corporate clients
WHAT’S NEXT?
Digital adoption and premiumisation set to drive strong credit card usage in the forecast period
Government initiatives and regulatory measures to influence market dynamics
Tier 2 and 3 city expansion and technology adoption to underpin growth
COMPETITIVE LANDSCAPE
HDFC leads the market as competition intensifies through technological and lifestyle innovations
CATEGORY DATA
Table 39 Credit Cards: Number of Cards in Circulation 2020-2025
Table 40 Credit Cards Transactions 2020-2025
Table 41 Credit Cards in Circulation: % Growth 2020-2025
Table 42 Credit Cards Transactions: % Growth 2020-2025
Table 43 Commercial Credit Cards: Number of Cards in Circulation 2020-2025
Table 44 Commercial Credit Cards Transactions 2020-2025
Table 45 Commercial Credit Cards in Circulation: % Growth 2020-2025
Table 46 Commercial Credit Cards Transactions: % Growth 2020-2025
Table 47 Personal Credit Cards: Number of Cards in Circulation 2020-2025
Table 48 Personal Credit Cards Transactions 2020-2025
Table 49 Personal Credit Cards in Circulation: % Growth 2020-2025
Table 50 Personal Credit Cards Transactions: % Growth 2020-2025
Table 51 Credit Cards: Number of Cards by Issuer 2020-2024
Table 52 Credit Cards: Number of Cards by Operator 2020-2024
Table 53 Credit Cards Payment Transaction Value by Issuer 2020-2024
Table 54 Credit Cards Payment Transaction Value by Operator 2020-2024
Table 55 Commercial Credit Cards: Number of Cards by Issuer 2020-2024
Table 56 Commercial Credit Cards: Number of Cards by Operator 2020-2024
Table 57 Commercial Credit Cards Payment Transaction Value by Issuer 2020-2024
Table 58 Commercial Credit Cards Payment Transaction Value by Operator 2020-2024
Table 59 Personal Credit Cards: Number of Cards by Issuer 2020-2024
Table 60 Personal Credit Cards: Number of Cards by Operator 2020-2024
Table 61 Personal Credit Cards Payment Transaction Value by Issuer 2020-2024
Table 62 Personal Credit Cards Payment Transaction Value by Operator 2020-2024
Table 63 Forecast Credit Cards: Number of Cards in Circulation 2025-2030
Table 64 Forecast Credit Cards Transactions 2025-2030
Table 65 Forecast Credit Cards in Circulation: % Growth 2025-2030
Table 66 Forecast Credit Cards Transactions: % Growth 2025-2030
Table 67 Forecast Commercial Credit Cards: Number of Cards in Circulation 2025-2030
Table 68 Forecast Commercial Credit Cards Transactions 2025-2030
Table 69 Forecast Commercial Credit Cards in Circulation: % Growth 2025-2030
Table 70 Forecast Commercial Credit Cards Transactions: % Growth 2025-2030
Table 71 Forecast Personal Credit Cards: Number of Cards in Circulation 2025-2030
Table 72 Forecast Personal Credit Cards Transactions 2025-2030
Table 73 Forecast Personal Credit Cards in Circulation: % Growth 2025-2030
Table 74 Forecast Personal Credit Cards Transactions: % Growth 2025-2030
COUNTRY REPORTS DISCLAIMER
CHARGE CARDS IN INDIA
KEY DATA FINDINGS
2025 DEVELOPMENTS
High-end image
INDUSTRY PERFORMANCE
Exclusive positioning drives steady adoption amongst affluent consumers
Digital adoption and security features reinforce premium usage
WHAT’S NEXT?
Gradual expansion amongst high-income segments
Digital and experiential innovations to drive engagement
High-value, curated spending to sustain relevance
COMPETITIVE LANDSCAPE
American Express strengthens market position via enriched rewards and exclusive experiences
CATEGORY DATA
Table 75 Charge Cards: Number of Cards in Circulation 2020-2025
Table 76 Charge Cards Transactions 2020-2025
Table 77 Charge Cards in Circulation: % Growth 2020-2025
Table 78 Charge Cards Transactions: % Growth 2020-2025
Table 79 Commercial Charge Cards: Number of Cards in Circulation 2020-2025
Table 80 Commercial Charge Cards Transactions 2020-2025
Table 81 Commercial Charge Cards in Circulation: % Growth 2020-2025
Table 82 Commercial Charge Cards Transactions: % Growth 2020-2025
Table 83 Personal Charge Cards: Number of Cards in Circulation 2020-2025
Table 84 Personal Charge Cards Transactions 2020-2025
Table 85 Personal Charge Cards in Circulation: % Growth 2020-2025
Table 86 Personal Charge Cards Transactions: % Growth 2020-2025
Table 87 Charge Cards: Number of Cards by Issuer 2020-2024
Table 88 Charge Cards: Number of Cards by Operator 2020-2024
Table 89 Charge Cards Payment Transaction Value by Issuer 2020-2024
Table 90 Charge Cards Payment Transaction Value by Operator 2020-2024
Table 91 Commercial Charge Cards: Number of Cards by Issuer 2020-2024
Table 92 Commercial Charge Cards: Number of Cards by Operator 2020-2024
Table 93 Commercial Charge Cards Payment Transaction Value by Issuer 2020-2024
Table 94 Commercial Charge Cards Payment Transaction Value by Operator 2020-2024
Table 95 Personal Charge Cards: Number of Cards by Issuer 2020-2024
Table 96 Personal Charge Cards: Number of Cards by Operator 2020-2024
Table 97 Personal Charge Cards Transaction Value by Issuer 2020-2024
Table 98 Personal Charge Cards Transaction Value by Operator 2020-2024
Table 99 Forecast Charge Cards: Number of Cards in Circulation 2025-2030
Table 100 Forecast Charge Cards Transactions 2025-2030
Table 101 Forecast Charge Cards in Circulation: % Growth 2025-2030
Table 102 Forecast Charge Cards Transactions: % Growth 2025-2030
Table 103 Forecast Commercial Charge Cards: Number of Cards in Circulation 2025-2030
Table 104 Forecast Commercial Charge Cards Transactions 2025-2030
Table 105 Forecast Commercial Charge Cards in Circulation: % Growth 2025-2030
Table 106 Forecast Commercial Charge Cards Transactions: % Growth 2025-2030
Table 107 Forecast Personal Charge Cards: Number of Cards in Circulation 2025-2030
Table 108 Forecast Personal Charge Cards Transactions 2025-2030
Table 109 Forecast Personal Charge Cards in Circulation: % Growth 2025-2030
Table 110 Forecast Personal Charge Cards Transactions: % Growth 2025-2030
COUNTRY REPORTS DISCLAIMER
PRE-PAID CARDS IN INDIA
KEY DATA FINDINGS
2025 DEVELOPMENTS
Younger urban consumers use open loop pre-paid cards for everyday payments
INDUSTRY PERFORMANCE
Open loop cards emerging as everyday payment choice
Closed loop cards retain strength in corporate and retail ecosystems
WHAT’S NEXT?
Open loop cards set to capture mass-market momentum
Closed loop cards retain high-value niche relevance
Transaction behaviour and regulatory support to shape growth
COMPETITIVE LANDSCAPE
Competition and transaction trends support market leadership
CATEGORY DATA
Table 111 Pre-paid Cards: Number of Cards in Circulation 2020-2025
Table 112 Pre-paid Cards Transactions 2020-2025
Table 113 Pre-paid Cards in Circulation: % Growth 2020-2025
Table 114 Pre-paid Cards Transactions: % Growth 2020-2025
Table 115 Closed Loop Pre-paid Cards Transactions 2020-2025
Table 116 Closed Loop Pre-paid Cards Transactions: % Growth 2020-2025
Table 117 Open Loop Pre-paid Cards Transactions 2020-2025
Table 118 Open Loop Pre-paid Cards Transactions: % Growth 2020-2025
Table 119 Pre-paid Cards: Number of Cards by Issuer 2020-2024
Table 120 Pre-paid Cards: Number of Cards by Operator 2020-2024
Table 121 Pre-paid Cards Transaction Value by Issuer 2020-2024
Table 122 Pre-paid Cards Transaction Value by Operator 2020-2024
Table 123 Closed Loop Pre-paid Cards: Number of Cards by Issuer 2020-2024
Table 124 Closed Loop Pre-paid Cards: Number of Cards by Operator 2020-2024
Table 125 Closed Loop Pre-paid Cards Transaction Value by Issuer 2020-2024
Table 126 Closed Loop Pre-paid Cards Transaction Value by Operator 2020-2024
Table 127 Open Loop Pre-paid Cards: Number of Cards by Issuer 2020-2024
Table 128 Open Loop Pre-paid Cards: Number of Cards by Operator 2020-2024
Table 129 Open Loop Pre-paid Cards Transaction Value by Issuer 2020-2024
Table 130 Open Loop Pre-paid Cards Transaction Value by Operator 2020-2024
Table 131 Forecast Pre-paid Cards: Number of Cards in Circulation 2025-2030
Table 132 Forecast Pre-paid Cards Transactions 2025-2030
Table 133 Forecast Pre-paid Cards in Circulation: % Growth 2025-2030
Table 134 Forecast Pre-paid Cards Transactions: % Growth 2025-2030
Table 135 Forecast Closed Loop Pre-paid Cards Transactions 2025-2030
Table 136 Forecast Closed Loop Pre-paid Cards Transactions: % Growth 2025-2030
Table 137 Forecast Open Loop Pre-paid Cards Transactions 2025-2030
Table 138 Forecast Open Loop Pre-paid Cards Transactions: % Growth 2025-2030
COUNTRY REPORTS DISCLAIMER

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