The number of credit cards in India has doubled, the figure crossed 10 crores in 2024

The use of credit cards is increasing rapidly in India. According to the new report of the Reserve Bank of India (RBI), the number of credit cards in the country has doubled from 2019 to December 2024. While the number of credit cards was 5.53 crores in December 2019, now it has increased to 10.80 crores.

Debit card usage is low

On the contrary, the use of debit cards has remained stable. There were 80.53 crore debit cards in December 2019, which has increased to 99.09 crores by December 2024. However, the use of debit cards is decreasing as compared to credit cards. In 2024, 447.23 crore transactions were done using credit cards, whose total value was Rs 20.37 lakh crore. At the same time, 173.90 crore transactions were done using debit cards and their value was Rs 5.16 lakh crore.

The report also said that the use of credit cards is increasing by 15 percent every year, while the use of debit cards has decreased. Urban and affluent class people are now moving rapidly towards co-branded and digital solutions.

Public sector banks had issued 122.6 lakh credit cards in December 2019, which has now increased to 257.61 lakh, that is, there has been a jump of 110 percent. Private banks have issued 766 lakh credit cards by 2024. It is clear from these figures that the credit card market in India is growing rapidly and people are using it more.

Disclaimer: This content has been sourced and edited from dnaindia. While we have made modifications for clarity and presentation.