India is one of the fastest growing economies in the world, with a large pool of active credit seekers. The number of credit cards issued in India has been steadily increasing over the last few years. As of September 2021, this number was nearly 65 million credit cards. This increasing interest in fast and easy credit has encouraged credit card providers to introduce new and interesting services and offers.
There are many factors that contribute to the growth of the number of credit card holders in India. The rise of India’s middle class, the sudden economic activity after the pandemic, the change in spending patterns of the younger consumer base, are all top reasons. As per the Reserve Bank of India, the credit card spends in India saw a 57% increase on a year-on-year basis, and was INR 80,000 cr in September 2021.