The number of credit cards in India can reach 20 crores by 2028-29. The number of credit cards is increasing at the rate of 15 percent annually. This report has been released by PwC, according to which a strong growth has been seen in the credit card industry.
The number of credit cards in India can reach 20 crores by 2028-29. The number of credit cards is increasing at the rate of 15 percent annually. This report has been released by PwC, according to which the credit card industry has seen strong growth. If we talk about only the last 5 years, the number of credit cards has doubled. According to the report, this trend is expected to continue in the coming days.
There is an increase in the number of credit cards issued, and transactions in the credit card industry are also increasing rapidly. There has been an increase of about 22 percent in transaction volume. If we look at the transaction value, then this increase has reached 28 percent.
One important thing that has been said in this report is that there has been a decline in the use of debit cards. Debit card transactions have fallen both in volume and value, which shows the preferences of the customers. In the financial year 2023-24, the volume of debit card transactions fell by 33 percent. At the same time, on a year-on-year basis, expenses incurred through debit cards have decreased by about 18 percent.
One of the major reasons for the decline in debit card transactions is the popularity of UPI. It is very easy for people to use it and now UPI has become quite popular in small as well as big shops. Another major reason for its popularity is that it has zero merchant discount rate i.e. MDR. That is, the vendor does not have to pay any money.
