Market Share of Credit Cards in India 2021

1. Number of Credit Card Players in India and their Penetration

There are 74 credit card issuers in India, including the top-three Indian private banks (HDFC Bank, Axis Bank and ICICI Bank). However, India’s credit card markets still remain largely underpenetrated. Let’s look at the Market Share of Credit Cards in India.

In 2017, the average number of credit cards outstanding per 100 persons in India was 2.2 as compared to 320.0 in the United States, 42.0 in China and 73.0X in Brazil, and credit cards spend as a percentage of GDP stood at 3.0 per cent as compared to 17.0 per cent in the United States, 25.0 per cent in Hong Kong and 12.0 per cent in Brazil.

2. Market Share of Credit Cards in India (Units)

HDFC Bank is the market leader and has maintained its market share in the number of outstanding credit cards at approximately 25 per cent, followed by SBI Card at 19.0 per cent, ICICI Bank at 16.0 per cent and Axis Bank at 11.0 per cent.

3. Market Share of Credit Cards in India (Value Transactions)

In terms of the value of transactions, HDFC leads with 31 per cent followed by SBI at 19 per cent. Refer to the pie chart above.

4. Credit Cards in India – Growth and Future

The government’s vision of a cashless society, digitalization, developments in e-commerce, and growth in POS infrastructure has encouraged the use of credit cards.

Credit card spends have expanded robustly, growing at a CAGR of 32 per cent from fiscal 2015 to fiscal 2019, and growth is expected to continue to reach Rs. 15 trillion in total credit card spends for fiscal 2024.