Credit Card Dashboard 1 — India Market Overview

Headline finding

107M cards. ₹20L Cr spends. Aggregators own the comparison layer.

India's credit card market has grown to 107 million cards in circulation with annual spends crossing ₹20 lakh crore in FY25. HDFC Bank leads by card count (21%) but SBI Card is the digital standout — the only issuer with a standalone domain built around credit card intent. Meanwhile Paisabazaar ranks p1 for "best travel credit card" (74K vol). Banks have ceded the comparison layer entirely to aggregators.

Cards in circulation

107M

As of March 2025 · RBI · +15% YoY

Annual spends FY25

₹20L Cr

~$235B · growing 25–27% YoY

Digital spend share

65%

Of total CC spends now online

Projected cards 2030

200M+

At current penetration trajectory

Growth trajectory

Cards in circulation — FY20 to FY30F

Millions of cards. FY26 onwards projected at 15% CAGR.

Bar chart

Issuer market share

Cards in circulation — by issuer

Approximate share by cards outstanding. March 2025.

Share bars

HDFC Bank

~22.5M cards · 21%

21%

SBI Card

~20.3M cards · 19%

19%

ICICI Bank

~18.2M cards · 17%

17%

Axis Bank

~12.8M · 12%

12%

Kotak Bank

~8.6M · 8%

RBL + Others

~24.6M · 23%

23%

Source: RBI Payment System Indicators, March 2025. Directional estimates.

Spend split

Where Indians swipe

FY25 CC spend by category.

Channel split

Online vs offline

CC spend share by channel FY25.

Market context

Key numbers

₹20L Cr total FY25 CC spends — +25–27% YoY

107M cards outstanding — 15% YoY growth

35% of cardholders revolve credit — interest-paying segment

₹18,700 avg monthly spend per active card FY25

65% of CC spends now digital/online

200M+ cards projected by 2030