It was forecast that the number of credit cards would reach around 44 million by 2025, and the number of debit cards around 970 million. With an emerging middle class, the number of credit and debit cards gathered pace in India as well. The credit and debit card market in India emerged in the wake of the market liberalization of the 1990s when more and more private banks were founded, and public banks adjusted to global standards.Ĭredit and debit card market base in India Thereby, debit cards do not carry the same risk of indebtedness with banks as credit cards. Standard debit cards have the same features but draw funds from a deposit. Standard credit cards allow the holder to purchase items or withdraw cash at an authorized point by borrowing money from the issuing bank or financial institution. and Visa Inc., which dominated the global market. Regulations in the late 1960s led to the formation of the financial service corporations Mastercard Inc. In the years that followed, they spread to other industries and target groups. Credit and debit card market in India - statistics and factsĬredit cards first appeared in hotels in the United States, where they were given to wealthy, regular guests.
