While India’s credit card base has doubled every five years, the segment remains significantly under-penetrated, with just four cards per 100 people compared to 55 in China.
Credit-card spends are growing—surpassing debit card spends—due to customers’ urge to turn digital and earn reward points offered by card companies.
However, credit card spends, as a percentage of private final consumption expenditure, remain low in India as compared to its global peers.
