India credit card penetration stalls at 25%; just 5.2 crore holders despite Rs 3.1 lakh crore outstanding
TransUnion CIBIL finds India's credit card base has barely widened even as balances swell, with 10.7 crore cards but only 5.2 crore holders. UPI and personal loans siphon spend from card rails, squeezing merchant MDR economics and retailer payment mix.
TransUnion CIBIL report finds India's credit card penetration at 25%, far below global peers, with only 5.2 crore holders. UPI and personal loans compete as alternatives, affecting merchant payment rails and consumer spending at Indian retailers.
Why this matters
TransUnion CIBIL's read shows India's card base concentrated among 5.2 crore holders while balances climb, signaling deeper debt per user rather than broader adoption as UPI and personal loans capture new spend.
Retail-company signals accelerating at +658900% QoQ.
Also reported by
- Times of India · Business — 1h after first sighting