January 29, 2025 – The number of credit card holders in the country has doubled in just five years, says the Reserve Bank of India (RBI). According to data released by the RBI, there were 5.53 crore credit cards in circulation in December 2019, and by the end of December 2024, this number has more than doubled to approximately 10.8 crore.

On the other hand, the use of debit cards has remained stable the RBI says.

The number of credit cards from foreign banks has decreased. In the past five years, their credit card count has dropped from 65.79 lakh to 45.94 lakh.

The RBI report shows that in recent years, credit card is being used more than before, having grown by more than 15% annually. However, in comparison there has been a decline in debit card usage during this period. Combining both credit and debit cards, there are 109.9 crore cards in circulation across the country.

In the last year, there were 447.23 crore payment transactions worth Rs 20.37 lakh crore made through credit cards. Meanwhile, there were 173.90 crore transactions made using debit cards, amounting to Rs 5.16 lakh crore.

By December 2024, private sector banks held 71% of the credit card market share, with 766 lakh cards. These banks have adopted digital solutions and co-branded cards to cater to the needs of urban and affluent customers. A co-branded card means the bank collaborates with a popular platform, such as Flipkart or Amazon, to launch the card. The second party could be a retail partner, travel website, sports league or a premium hotel chain. A co-branded credit card is sponsored by both the entities and is designed to carry features from both. These cards offer additional discounts when shopping on those platforms.

Source: Media Reports