INDUSTRIES & MARKETS

Credit and debit card market

in India
 Table of Contents

01 Overview Number of RuPay debit cards issued under PMJDY in India 2022, by sector 20
Number of active cards of SBI Card in India FY 2018-2021 21
Value of card payments India FY 2014-2022 03
HDFC Bank's number of credit cards issued FY 2018-2022 22
Value of card payments India FY 2018-2022, by type 04
HDFC Bank's number of debit cards issued FY 2018-2022 23
Average online transaction value in India April 2020 05
Number of credit and debit cards of ICICI Bank FY 2019-2022 24
Digital payments value in retail India FY 2011-2020 06
Digital lending value in India 2012-2023 07
05 Frauds and complaints

02 Credit cards Value of bank frauds in India FY 2018-2022, by type of fraud 26

Number of banking complaints in India FY 2021, by category 27
Cumulative number of credit cards in India FY 2013-2021 09
Number of bank fraud cases India 2008-2022 28
Monthly number of credit card transactions in India 2018-2022, by location 10
Value of bank frauds in India 2008-2022 29
Number of new credit cards India 2020-2021 11
Credit and debit cards incidents reported in India 2021, by leading state 30
Number of Kisan Credit Cards in India FY 2021, by leading state 12
Online banking frauds reported in India 2021, by state 31
Credit cards in use forecast in India 2010-2025 13

06 Coronavirus impact
03 Debit cards
Monthly value of debit card transaction in India 2019-2022 33
Monthly number of debit cards in India 2019-2022 15
COVID-19 impact on monthly transaction value per debit card in India 2019-2020 34
Number of new debit cards India 2020-2021 16
COVID-19 impact on monthly transaction value per credit card India 2019-2020 35
Monthly number of debit card transactions in India 2018-2022, by transaction location 17
Monthly value of credit card transactions India 2019-2022 36
Debit cards in use forecast in India 2010-2025 18

04 Key players

1
CHAPTER 01

Overview
 Value of card payments in India from financial year 2014 to 2022 (in trillion
Indian rupees)
Value of card payments India FY 2014-2022

18

16

14
Value in trillion Indian rupees

12

10

17.02
8
14.35
12.92
6 11.97

9.19
4
6.58
2 3.99
2.22 2.54
0
FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

3 Description: The value of card payments in India for the fiscal year 2022 amounted to approximately 17 trillion Indian rupees, an increase from the previous year. Except financial year 2021,there has been consistent increase in card payments since fiscal year 2014, as
a result of the government's initiative to digitize the country, catalyzed by the demonetization of currency notes in November 2016. Read more
Note(s): India; FY 2014 to FY 2022; including credit and debit cards
Source(s): Reserve Bank of India
 Value of online card payments in India from financial year 2018 to 2022, by
type (in trillion Indian rupees)
Value of card payments India FY 2018-2022, by type

Credit card Debit card

18

16

14
Value in trillion Indian rupees

7.3
12
7.04
10
6.63
5.93
8
4.6
6
9.72
4 7.31
6.03 6.3
2 4.59

0
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

4 Description: The value of debit card payments in India for the fiscal year 2022 was approximately 7.3 trillion Indian rupees, while the value of credit card based payment was 9.7 billion rupees during the same time period. The consistent utilization of card payments
can be attributed to the initiatives made by the government, aspiring to make India a cashless economy. The Indian digital payments market was estimated to reach the one trillion U.S. dollar mark by the year 2023. Read more
Note(s): India; FY 2018 to FY 2022
Source(s): Reserve Bank of India
 Average transaction value of digital payment methods in India in April
2020 (in Indian rupees)
Average online transaction value in India April 2020

3,000
2,701.91
Average transaction value in Indian rupees

2,500

2,000

1,639
1,512.05
1,500 1,386.1

972.11
1,000

500

0
RuPay Debit card UPI AePS Credit card

5 Description: As of April 2020, the average transaction value of online purchases in India was the highest for credit card payments with an average value of 2,701.91 Indian rupees per transaction. The lowest average value per transaction was for RuPay with less than
one thousand Indian rupees per transaction. Read more
Note(s): India; April 2020
Source(s): NPCI; Observer Research Foundation; Reserve Bank of India
 Value of digital payments in retail in India in financial year 2011, 2016, and
2020 (in billion Indian rupees)
Digital payments value in retail India FY 2011-2020

RTGS NEFT IMPS UPI NACH ECS Other transfers Credit card Debit card Prepaid payment Paper-based
1,800

1,600

1,400
Value in billion Indian rupees

1,200

1,000

800

600

400

200

0
FY 2011 FY 2016 FY 2020

6 Description: In financial year 2020, real time gross settlement systems (RTGS) reported the highest value of digital payments in the Indian retail sector at 1.3 trillion Indian rupees. Although unified payments systems (UPI) had been most popular in terms of volume,
these transactions were valued only 23 billion Indian rupees. Read more
Note(s): India; FY 2011, FY 2016 and FY 2020
Source(s): Reserve Bank of India
 Value of digital lending market in India from 2012 to 2020, with estimates
until 2023 (in billion U.S. dollars)
Digital lending value in India 2012-2023

400

350
350
Digital lending in billion U.S. dollars

300
270

250

200
200

150
150
110
100
75
58
46
50 33
23
9 14
0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

7 Description: Digital lending is one of the fastest-growing fintech segments in India and grew exponentially from nine billion U.S. dollars in 2012 to nearly 110 billion dollars in 2019. It was expected that the digital lending market would reach a value of around 350 billion
dollars by 2023. This business was mainly covered by fintech startups and non-banking financial companies (NBFC). Read more
Note(s): India; 2012 to 2020
Source(s): Experian Data Quality; EY
CHAPTER 02

Credit cards
 Number of credit cards in India from financial year 2013 to 2021 (in
millions)
Cumulative number of credit cards in India FY 2013-2021

70
62
60 57.7
Number of cards in millions

50 47.1

40 37.5

29.8
30
24.5
21.1
19.5 19.2
20

10

0
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021

9 Description: In financial year 2021, nearly 62 million credit cards were in use in India. The cumulative number of cards increased constantly in recent years and even recovered quickly from falling numbers during the lockdown from the end of March to the end of May
2020, amidst the first wave of the coronavirus (COVID-19) pandemic. Read more
Note(s): India; FY 2013 to FY 2021
Source(s): Motilal Oswal Group; Reserve Bank of India; Times of India
 Number of credit card transactions per month in India from January 2018
to June 2022, by transaction location (in 1,000s)
Monthly number of credit card transactions in India 2018-2022, by location

ATM PoS
250,000
Number of transactions in thousands

200,000

150,000

100,000

50,000

September 2021

December 2021
November 2021
October 2021
Oct 2018

Oct 2019

Oct 2020
Feb 2018

Feb 2019

Feb 2020

Feb 2021
Sep 2018

Dec 2018

Sep 2019

Dec 2019

Sep 2020

Dec 2020
Nov 2018

Nov 2019

Nov 2020
May 2018

May 2019

May 2020

May 2021
Mar 2018

Mar 2019

Mar 2020

Mar 2021

June 2021

June 2022
July 2021
Jul 2018

Jul 2019

Jul 2020
Jan 2018

Jun 2018

Jan 2019

Jun 2019
Apr 2018

Apr 2019

Jan 2020

Jun 2020

Jan 2021

August 2021
Apr 2020

Apr 2021
Aug 2018

Aug 2019

Aug 2020
10 Description: In June 2022, there were over 678 thousand ATM withdrawal transactions and nearly 121 million point-of sale transactions made via credit card in India.The credit card transactions had decreased significantly in the months of March to May 2020, due to
the COVID-19 pandemic. Read more
Note(s): India; January 2018 to June 2022; Figures for "ATM" will show up when clicking on the "POS" column underneath the graph: ATM figures are not showing as these are (significantly) smaller than the figures for PoS
Source(s): Reserve Bank of India
 Number of newly added credit cards in India from March 2020 to March
2021 (in 1,000s)
Number of new credit cards India 2020-2021

1,000 900

800 700 710 700

600 550
500
400
Number in 1,000s

400 310 280

200
200 110

-200
-180

-400 -340

-600
March 2020 April 2020 May 2020 June 2020 July 2020 August September October November December January February March 2021
2020 2020 2020 2020 2020 2020 2020
Month

11 Description: In September 2020, Indian banks issued around 900 thousand new credit cards. This was the highest number during the period from March 2020 to March 2021, which was affected by the coronavirus (COVID-19) pandemic. Read more
Note(s): India; March 2020 to March 2021
Source(s): MediaNama; Reserve Bank of India
 Number of Kisan Credit Cards (KCC) across India in financial year 2021, by
leading state (in millions)
Number of Kisan Credit Cards in India FY 2021, by leading state

Number of cards in millions

0 2 4 6 8 10 12

Uttar Pradesh

Maharashtra

Rajasthan

Madhya Pradesh

Karnataka

Andhra Pradesh

Odisha

Telangana

West Bengal

12 Description: In financial year 2021, over 11 million credit cards were issued under the Kisan Credit Card Scheme in the Indian state of Uttar Pradesh. It was followed by Maharashtra and Andhra Pradesh with 6.8 million and 6.6 million cards respectively. In total, 73
million cards were active that year, an increase compared to the previous year. The value of outstanding agricultural loans stood at 7.53 trillion Indian rupees. Read more
Note(s): India; FY 2021
Source(s): Reserve Bank of India
 Forecast of the number of credit cards in use in India from 2010 to 2025
(in millions)
Credit cards in use forecast in India 2010-2025

50

43.49 44.06
45 42.16 42.86
40.53 41.39
39.57
40 38.08 38.5
Number of credit cards in millions

35
30.42
30
25.03
25
21.58
19.99 19.62
20
15.91
15 12.69

10

0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

13 Description: This statistic shows a forecast of the estimated number of credit cards in use in India until 2025. It is projected to reach 44.06 million by 2025. Read more
Note(s): India; 2010-2019; All values are estimates.
Source(s): Statista
CHAPTER 03

Debit cards
 Number of debit cards in India from November 2019 to January 2022 (in
millions)
Monthly number of debit cards in India 2019-2022

1,000 940.93
919.38932.83934.01937.74
892.7 888.07
885.66 894 898.2 900.5901.97905.63905.63913.26
874.17
900
830.8 828.6 829.4 835.3 845.4 852.4 858.7 865.4
805.3 816.4 823
800

700
Number in millions

600

500

400

300

200

100

0
Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
2019 2019 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2022

15 Description: In January 2022, there were over 940 million active debit cards in India. This number was much higher than the number of credit cards, which amounted to around 70 million that same month. Unlike the value of transactions, the number of debit cards
remained stable throughout the coronavirus (COVID-19) pandemic. Read more
Note(s): India; November 2019 to January 2022
Source(s): Moneycontrol; Reserve Bank of India; SBI
 Number of newly added debit cards in India from March 2020 to March
2021 (in millions)
Number of new debit cards India 2020-2021

20 18.5

15

10.1
10 8.8
Number in millions

7 6.7
6 6.3 5.94
5.6
5 4.2

1.47
0.8
0

-5
-6.1
-10
March 2020 April 2020 May 2020 June 2020 July 2020 August September October November December January February March 2021
2020 2020 2020 2020 2020 2020 2020
Month

16 Description: In November 2020, Indian banks issued around 18.5 million new debit cards. This was the highest number during the period from March 2020 to March 2021, which was affected by the coronavirus (COVID-19) pandemic. As a result, many more debit cards
were issued compared to credit cards during the same period. Read more
Note(s): India; March 2020 to March 2021
Source(s): MediaNama; Reserve Bank of India
 Number of debit card transactions per month in India from January 2018
to June 2022, by transaction location (in millions)
Monthly number of debit card transactions in India 2018-2022, by transaction location

ATM Point of sale

1,000

900
Number of transactions in millions

800

700

600

500

400

300

200

100

0
Oct 2018

Oct 2019

Oct 2020

Oct 2021
Feb 2018

Feb 2019

Feb 2020

Feb 2021
Sep 2018

Dec 2018

Sep 2019

Dec 2019

Sep 2020

Dec 2020

Sep 2021

Dec 2021
Nov 2018

Nov 2019

Nov 2020

Nov 2021
May 2018

May 2019

May 2020

May 2021
Mar 2018

Mar 2019

Mar 2020

Mar 2021

June 2022
Jul 2018

Jul 2019

Jul 2020

Jul 2021
Jan 2018

Jun 2018
Apr 2018

Jan 2019

Jun 2019
Apr 2019

Jan 2020

Jun 2020

Jan 2021

Jun 2021
Apr 2020

Apr 2021
Aug 2018

Aug 2019

Aug 2020

Aug 2021
17 Description: In June 2022, there were over 569 million withdrawals from ATM and nearly 398 million point-of sale transactions made through debit card across India. Number of debit card transactions have been fluctuating in the last months. Read more
Note(s): India; January 2018 to June 2022; as of FY 2022 figures for ATM correspond indicate only cash withdrawals
Source(s): Reserve Bank of India
 Forecast of the number of debit cards in use in India from 2010 to 2025 (in
millions)
Debit cards in use forecast in India 2010-2025

1,200

1,000 951.02 969.6

924.63 930.37
907.43
881.93
Number of credit cards in millions

861.08 853.61
805.32
800 771.65

661.54

600 553.45

394.42
400 331.47 335.4 331.2

200

0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

18 Description: This statistic shows a forecast of the estimated number of debit cards in use in India until 2025. It is projected to reach 969.60 million by 2025. Read more
Note(s): India; 2010-2019; All values are estimates.
Source(s): Statista
CHAPTER 04

Key players
 Number of Pradhan Mantri Jan-Dhan Yojana RuPay debit cards issued in
India as of April 2022, by sector (in millions)
Number of RuPay debit cards issued under PMJDY in India 2022, by sector

350
316.63

300
271.58

250
Number in millions

200

150

100

50 34.04
11.01
0
Private banks Regional rural banks Public banks Total

20 Description: Of a total 316 million debit cards, about 271 million RuPay debit cards came from public sector banks under the Indian government's financial plan as of April 2022. Over eleven million were issued under the private sector during the same time period.
Read more
Note(s): India; as of April 20, 2022
Source(s): PMJDY; Various sources (Data from various banks)
 Number of active credit and debit cards of SBI Card in India from financial
year 2018 to 2021 (in millions)
Number of active cards of SBI Card in India FY 2018-2021

14

11.82
12
10.55

10
Number in millions

8.27
8

6.26
6

0
FY 2018 FY 2019 FY 2020 FY 2021

21 Description: In financial year 2021, nearly 12 million credit and debit cards issued by SBI Card were active in India. This was a significant increase compared to the previous year. SBI Card is a non-banking financial company of the State Bank of India (SBI) and had its
initial public offering in 2020. Read more
Note(s): India; FY 2018 to FY 2021
Source(s): SBI
 Number of credit cards issued by HDFC Bank Limited from financial year
2018 to 2022 (in millions)
HDFC Bank's number of credit cards issued FY 2018-2022

18
16.5
16
14.9
14.5
Number of credit cards issued in millions

14
12.5
12
10.7

10

0
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

22 Description: At the end of financial year 2022, HDFC Bank Limited reported16.5 million active credit cards. This was an increase from the previous financial year. As of March 31, 2022, the bank had nearly 71 million customers in the country. Read more
Note(s): India; FY 2018 to FY 2022
Source(s): HDFC Bank
 Number of debit cards issued by HDFC Bank Limited from financial year
2018 to 2022 (in millions)
HDFC Bank's number of debit cards issued FY 2018-2022

50

45 43
Number of debit cards issued in millions

40
36.7
35 32.1

30
27
24.3
25

20

15

10

0
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

23 Description: At the end of financial year 2022, HDFC Bank Limited reported 40 million active debit cards. This was a significant increase from the previous financial year. As of March 31, 2022, the bank had nearly 71 million customers in the country. Read more
Note(s): India; FY 2018 to FY 2022
Source(s): HDFC Bank
 Number of active credit and debit cards of ICICI Bank from financial year
2019 to 2022 (in millions)
Number of credit and debit cards of ICICI Bank FY 2019-2022

Credit card Debit card

50

45

40
Number of cards in millions

35

30

25

20

15

10

0
FY 2019 FY 2020 FY 2021 FY 2022

24 Description: In financial year 2022, ICICI Bank in India reported around 9.91 million active credit cards and around 45 million debit cards. Although the number of credit cards kept constantly increasing since 2019, there was a slight decline in 2022. Read more
Note(s): India; FY 2019 to FY 2022
Source(s): Reserve Bank of India
CHAPTER 05

Frauds and complaints

 Value of bank frauds in India from financial year 2018 to 2022, by category
of fraud (in billion Indian rupees)
Value of bank frauds in India FY 2018-2022, by type of fraud

Advances Off-balance sheet Forex transactions Card/internet Deposits Cash Cheques Others
2,000

1,800

1,600
Value in billion Indian rupees

1,400

1,200

1,000

800

600

400

200

0
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

26 Description: In financial year 2022, banking frauds in India amounted for 1.38 trillion Indian rupees, a decrease compared to a record-breaking 1604 billion rupees in the previous year. By far, the most common frauds occurred in the advances category with 583 billion
Indian rupees. In these frauds, the fraudster receives money with the help of stolen or faked banking and/or ID cards. This was followed by off-balance sheet and deposits related frauds at 10.8 and 4.9 billion rupees respectively. Read more
Note(s): India; FY 2018 to FY 2022
Source(s): Reserve Bank of India
 Number of banking complaints in India in financial year 2021, by category
and sector (in 1,000s)
Number of banking complaints in India FY 2021, by category

Deposit account Loans and advances ATM, debit & credit cards Mobile & electronic banking
Levy of charges Pension Non-observence of fair practices Failure on commitments
160

140

120
Number in thousands

100

80

60

40

20

0
Small finance banks Payment banks Foreign banks Private sector banks Public sector banks

27 Description: In financial year 2021, the Banking Ombudsmann Office in India received a total of over 314 thousand banking related complaints. Nearly one third of these complaints concerned public sector banks, whereas, another 126 thousand complaints targeted
private sector banks. With over 49 thousand complaints, the ATM, debit & credit card category within the public sector received the highest number of complaints. Read more
Note(s): India; FY 2021
Source(s): Reserve Bank of India
 Number of bank fraud cases across India between from financial year
2009 to 2022
Number of bank fraud cases India 2008-2022

10,000
9,103
9,000 8,703

8,000
7,359
6,800
7,000
5,916
Number of cases

6,000
5,076
5,000 4,669 4,534 4,639 4,693
4,372 4,235 4,306
4,093
4,000

3,000

2,000

1,000

0
FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

28 Description: In financial year 2022, the Reserve Bank of India (RBI) reported a total of around 9,103 bank fraud cases across India. This was an increase compared to the previous year and turned around the trend of the last decade. The total value of bank frauds
decreased from 1.38 trillion Indian rupees to 604 billion rupees. Read more
Note(s): India; FY 2009 to FY 2022
Source(s): Reserve Bank of India; The Economic Times; The Financial Express (India)
 Value of bank frauds across India between from financial year 2009 to
2022 (in billion Indian rupees)
Value of bank frauds in India 2008-2022

2,000
1,850
1,800
Value of fraud in billion Indian rupees

1,600
1,384
1,400

1,200

1,000

800 715
604.14
600
411.67
400
239.34
194.55 186.99
200 85.91 101.71
18.6 19.99 38.16 45.01
0
FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

29 Description: In financial year 2022, the Reserve Bank of India (RBI) reported bank frauds amounting to 604 billion Indian rupees. This was a decrease from over 1.3 trillion rupees in 2021. Thereby, the value of bank frauds turned around the trend, after India witnessed
a sharp increase in bank frauds over the last decade, both in total numbers and in value of frauds. Read more
Note(s): India; FY 2009 to FY 2022
Source(s): Reserve Bank of India; The Economic Times; The Financial Express (India)
 Number of credit and debit card fraud incidents reported across India in
2021, by leading state
Credit and debit cards incidents reported in India 2021, by leading state

Number of incidents recorded

0 100 200 300 400 500 600 700 800

Telangana 703

Bihar 380

Odisha 166

Maharashtra 162

Uttar Pradesh 87

Gujarat 45

Andhra Pradesh 39

Rajasthan 20

Tamil Nadu 8

West Bengal 6

Delhi 2

Madhya Pradesh 2

Chhattisgarh 2

Kerala 1

Punjab 1

30 Description: In 2021, the state of Telangana in India had the highest number of credit and debit card frauds, with approximately 703 cases registered with the authorities. The country recorded over 1.6 thousand cases of credit and debit card frauds that year. This
category of crime came under the purview of Sections 420 of the Indian Penal Code. Read more
Note(s): India; 2021
Source(s): NCRB (India)
 Number of online banking frauds reported across India in 2021, by state
Online banking frauds reported in India 2021, by state

Number of cases recorded

0 500 1,000 1,500 2,000 2,500

Telangana 2,180

Odisha 687

Maharashtra 624

Andhra Pradesh 524

Uttar Pradesh 329

Rajasthan 148

Bihar 117

Gujarat 58

Tamil Nadu 54

Madhya Pradesh 48

Jharkhand 18

Chhattisgarh 11

Punjab 5

Himachal Pradesh 4

Kerala 3

31 Description: In 2021, the state of Telangana in India had the highest number of fraud offences related to online banking compared to the rest of the country, with over two thousand cases registered with the authorities. The country recorded over four thousand cases
of internet banking frauds that year. This category of crime came under the purview of Sections 420 of the Indian Penal Code. Read more
Note(s): India; 2021
Source(s): NCRB (India)
CHAPTER 06

Coronavirus impact
 Impact of coronavirus (COVID-19) pandemic on debit card transaction in
India from November 2019 to January 2022 (in billion Indian rupees)
Monthly value of debit card transaction in India 2019-2022

800 759.37

685.91673.57
700 668.19 666.03659.49
650.93 643.52
619.98621.54 626.93 620.74
605.99 594.95
575.9 578.41 587.83
600 557.39
Value in billion Indian rupees

542.77548.47
498.4 505.76
500 476.46 472.56
428.2
400 376.22

300
229.98
200

100

0
Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
2019 2019 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2022

33 Description: In January 2022, transactions worth over 594 billion Indian rupees were made through debit cards in India. This was a significant increase compared to transactions worth over 376 billion rupees during May 2020 in the coronavirus (COVID-19) pandemic.
Read more
Note(s): India; November 2019 to January 2022; only includes point of sales.
Source(s): Reserve Bank of India
 Impact of coronavirus (COVID-19) on transaction value per debit card in
India from November 2019 to September 2020 (in Indian rupees)
COVID-19 impact on monthly transaction value per debit card in India 2019-2020

1,200

1,042 1,036
1,000 974
934
868
836
788 780
Value in Indian rupees

800 739

575
600

400 350

200

0
Nov 2019 Dec 2019 Jan 2020 Feb 2020 Mar 2020 Apr 2020 May 2020 Jun 2020 Jul 2020 Aug 2020 Sep 2020

34 Description: In September 2020, Indian financial institutions recorded an average transaction value of 868 Indian rupees per debit card. After a decline to around 350 rupees during the nation-wide COVID-19 lockdown, the per card transaction value was on its way to
recovery. Before the coronavirus pandemic, the value had crossed one thousand rupees per transaction in December 2019 and January 2020. Read more
Note(s): India; November 2019 to September 2020
Source(s): Moneycontrol; Reserve Bank of India; SBI
 Impact of coronavirus (COVID-19) pandemic on transaction value per credit
card in India from November 2019 to September 2020 (in Indian rupees)
COVID-19 impact on monthly transaction value per credit card India 2019-2020

14,000

11,880 11,863
12,000
11,051 10,873

10,000
Value in Indian rupees

8,758 8,700 8,712

7,905
8,000 7,466

6,000 5,636

4,000 3,620

2,000

0
Nov 2019 Dec 2019 Jan 2020 Feb 2020 Mar 2020 Apr 2020 May 2020 Jun 2020 Jul 2020 Aug 2020 Sep 2020

35 Description: In September 2020, the monthly transaction value per credit card in India valued at over 8,700 Indian rupees. This was a significant decrease compared to over 11 thousand rupees during the months prior to the coronavirus (COVID-19) pandemic.
Nevertheless, the value showed a recovery from a low of under four thousand rupees in April 2020. In comparison to debit cards, the transaction value per credit card is much higher. Read more
Note(s): India; November 2019 to September 2020
Source(s): Moneycontrol; Reserve Bank of India; SBI
 Impact of coronavirus (COVID-19) pandemic on credit card transactions in
India from November 2019 to January 2022 (in billion Indian rupees)
Monthly value of credit card transactions India 2019-2022

1,200

1,009.43
1,000 939.07
892.17 877.69
Value in billion Indian rupees

802.28
777.33
800 748.85
723.19
657.36665.73 646.51623.5636.01647.37
621.48 627.46
601.3 601.04 590.49
600
505.74 503.11511.34 520.14
455.58
427.73
400
322.25

207.65
200

0
Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
2019 2019 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2021 2022

36 Description: In January 2022, transactions worth over 877 billion Indian rupees were made through credit cards in India at point of sale. This was a significant decrease compared to over 600 billion rupees in November 2019. Nevertheless, this value showed a recovery
of the credit card business after the coronavirus (COVID-19) pandemic hit the Indian economy in April and May 2020. Read more
Note(s): India; November 2019 to January 2022; includes only transactions at point of sale.
Source(s): Reserve Bank of India
 Sources

BIS
Experian Data Quality
EY
HDFC Bank
MediaNama
Moneycontrol
Motilal Oswal Group
NCRB (India)
NPCI
Observer Research Foundation
PMJDY
Reserve Bank of India
SBI
Statista
The Economic Times
The Financial Express (India)
Times of India
Various sources (Data from various banks)

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