Co-branded cards hit 17% of India's credit base as Amazon, Flipkart, Tata Neu drive platform consumption
Retail-tied co-branded credit cards now account for 17% of India's 111M card base and 18% of spends, projected to reach 25% by FY28. Amazon-ICICI leads with 5M+ cards, Flipkart-Axis at 3.5M+, Tata Neu-HDFC at 2M+. Issuers see 60% lower acquisition cost, 70% activation and 20% higher spend, fueling Rs17,000-19,000 crore FY25 revenue.
Co-branded credit cards tied to Indian retail platforms (Amazon, Flipkart, Tata Neu, Swiggy, Zomato) now make 17% of cards and 18% of spends, projected to hit 25% by FY28, driving platform-led consumption and payment infrastructure growth.
Why this matters
Amazon Pay ICICI's 5M+ card lead anchors a co-branded surge tying retail platforms to credit, signaling deepening omni-channel consumption as Flipkart-Axis and Tata Neu-HDFC scale alongside.
Omni-channel steady with 450 signals in 90 days.