In India, the number of credit and debit cards in circulation has surpassed one billion: Report

According to a survey, as digital payments become more popular in India, the total number of credit and debit cards in circulation will surpass one billion by 2021. It is included in Worldline India’s Digital Payments Report.

According to the survey, credit cards accounted for 7% of total cards in circulation, while debit cards accounted for 93% of all cards in circulation. As per the survey, private sector banks issued the most credit cards (67%), while public sector banks accounted for 24%.

The top three banks in terms of credit card issuance are HDFC, SBI, and ICICI.

According to the research, UPI payments totalled over 4.57 billion transactions in volume in 2021, representing a 105% increase in volume and a 111% increase in value over the previous year.

Worldline report stated that the BHIM app has been downloaded over 185 million times as of October 29, 2021.

As per the Worldline survey, October and December saw the biggest number of transactions in terms of volume and value due to the holiday season and relaxations in COVID-19 limitations across the nation.

It went on to say that in the online domain, e-commerce, gambling, utilities, and financial services will account for more than 87 per cent of transaction volume and 41 per cent of transaction value in 2021.