Author: CS Satya Baheti
Published in: Taxmann
India’s credit card industry is witnessing rapid growth, with issuance crossing 78 million and spends reaching Rs. 1.13 lakh crores in 2022. Despite this, only 3% of the population holds a credit card, highlighting a largely untapped market. Key trends include targeting newer segments like Tier 2 and Tier 3 cities and young professionals, enhanced rewards and cashback programs, and the rise of co-branded cards with e-commerce and travel partners. Fintechs are driving instant card issuance and virtual payments. Innovations like Buy Now Pay Later (BNPL) and Credit EMIs are set to further expand penetration and transform India’s credit card landscape.
