Credit card market in India to double, expected to reach 200 million by 2028-29: PwC report

A latest report revealed that the number of credit cards in India is projected to reach 200 million, growing at a Compound Annual Growth Rate (CAGR) of 15 per cent. The report by the PwC highlighted that the credit card industry has seen substantial growth, with the number of credit cards issued doubling in the past five years. This trend is anticipated to persist, with the market expected to continue this growth trajectory in the coming years, it stated. "The credit card market in India is expected to double its cards in force by FY28-29, reaching 200 million cards. The industry, which has seen a 100 per cent increase in issued cards over the past five years, is anticipated to replicate this growth within the next five financial" said the report.