India Cards and Payments: Opportunities and Risks to 2029
Description
India Cards and Payments: Opportunities and Risks to 2029
Summary
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 -
Summary
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.
- 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.
- 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.
- 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.
Table of Contents
96 Pages
- Executive Summary
- India: Key facts, 2025e
- India: Benchmarking of payment cards, 2025e
- Instant Payments
- Payment Cards: Market Sizing and Forecasting
- Payment Cards: Market by Product and Service Type
- Debit Cards: Market Sizing and Forecasting
- Debit Cards: Schemes
- Debit Cards: Issuers
- Credit and Charge Cards: Market Sizing and Forecasting
- Credit and Charge Cards: Schemes
- Credit and Charge Cards: Issuers
- Credit Card Debt
- Prepaid Cards: Market Sizing and Forecasting
- Acquiring and Processing
- Retail: Market Sizing and Forecasting
- Ecommerce: Market Sizing and Forecasting
- Ecommerce: Market by Products and Services
- Ecommerce: Market by Payment Tool
- In-Store Payments: Market by Payment Tools
- In-Store Payments: Market by Products and Services
- Buy Now Pay Later: Online Purchasing
- Mobile Proximity Payments
- P2P Payments
- Bill Payments
- Alternative Payments: Payment Solutions
- Payment Innovations
- Job Analysis
- POS Terminals and ATMs
- Regulatory Environment
- India: payment instrument transaction values (INR trillions), 2021–29f
- India: payment instrument transaction values ($ billions), 2021–29f
- India: payment instrument transaction volumes (billions), 2021–29f
- India: payment cards in circulation by type (millions), 2021–29f
- India: volume of payment card transactions (billions), 2021–29f
- India: value of payment card transactions (INR trillions), 2021–29f
- India: value of payment card transactions ($ billions), 2021–29f
- India: debit cards in circulation (millions), 2021–29f
- India: debit card transaction volumes, 2021–29f
- India: debit card transaction values (INR), 2021–29f
- India: debit card transaction values ($), 2021–29f
- India: debit cards in circulation by scheme (millions), 2021–25e
- India: debit card transaction values by scheme (INR trillions), 2021–25e
- India: debit card transaction values by scheme ($ billions), 2021–25e
- India: debit cards in circulation by issuer (millions), 2021–25e
- India: debit cards transaction value by issuer (INR billions), 2021–25e
- India: debit cards transaction value by issuer ($ billions), 2021–25e
- India: credit and charge cards in circulation (millions), 2021–29f
- India: credit and charge card transaction volumes, 2021–29f
- India: credit and charge card transaction values (INR), 2021–29f
- India: credit and charge card transaction values ($), 2021–29f
- India: credit and charge cards in circulation by scheme (millions), 2021–25e
- India: credit and charge card transaction values by scheme (INR trillions), 2021–25e
- India: credit and charge card transaction values by scheme ($ billions), 2021–25e
- India: credit and charge cards in circulation by issuer (000s), 2021–25e
- India: credit and charge cards transaction value by issuer (INR billions), 2021–25e
- India: credit and charge cards transaction value by issuer ($ millions), 2021–25e
- India: credit cards in circulation (millions), 2021–29f
- India: credit card transaction volumes, 2021–29f
- India: credit card transaction values (INR), 2021–29f
- India: credit card transaction values ($), 2021–29f
- India: credit cards in circulation by scheme (000s), 2021–25e
- India: credit card transaction values by scheme (INR billions), 2021–25e
- India: credit card transaction values by scheme ($ billions), 2021–25e
- India: charge cards in circulation (000s), 2021–29f
- India: charge card transaction volumes, 2021–29f
- India: charge card transaction values (INR), 2021–29f
- India: charge card transaction values ($), 2021–29f
- India: charge cards in circulation by scheme (000s), 2021–25e
- India: charge card transaction values by scheme (INR billions), 2021–25e
- India: charge card transaction values by scheme ($ billions), 2021–25e
- India: prepaid cards in circulation (millions), 2021–29f
- India: prepaid card transaction values (INR billions), 2021–29f
- India: prepaid card transaction values ($ millions), 2021–29f
- India: merchant acquiring transaction volumes (billions), 2021–29f
- India: merchant acquiring transaction value (INR trillions), 2021–29f
- India: merchant acquiring transaction value ($ billions), 2011–29f
- India: acquirers’ transaction volumes (millions), 2021–25e
- India: acquirers’ transaction values (INR trillions), 2021–25e
- India: acquirers’ transaction values ($ billions), 2021–25e
- India: retail outlets and card-accepting merchants (millions), 2021–29f
- India: debit card average interchange fees (%), 2021–25e
- India: credit and charge card average interchange fees (%), 2021–25e
- India: debit card merchant service charge and interchange fee (%), 2021–29f
- India: credit and charge card merchant service charge and interchange fee (%), 2021–29f
- India: retail market by product categories (INR trillions), 2020–29f
- India: retail market by product categories ($ billions), 2020–28f
- India: retail market by service categories (INR trillions), FY 2020–24
- India: retail market by service categories ($ billions), FY 2020–24
- Survey sample across countries
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