Chart of the Week: India’s card payments market to reach $581.2b by 2026

The card payments market value grew 26.7% in 2022, according to estimates.

India’s card payments market is estimated to reach $581.2b (INR43.3t) by 2026, growing at a compound annual growth rate of 18.7% between 2022 and 2026, according to a new report by GlobalData.

Consumers’ increasing preference for electronic payments, improvement in payment infrastructure, and constant efforts by financial authorities to boost cashless payments will drive this rise, the data and analytics company said.

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India’s card payments value was estimated to have grown 26.7% in 2022 amidst economic recovery and a rise in consumer spending.

Credit and charge card penetration in India is low at 6.3 cards per 100 individuals in 2022, compared to 71.7 for debit cards. However, credit and charge cards account for 63.2% of card payments by value in 2022, whilst debit cards only account for the remaining 36.8% share.