In December 2024, total number of credit cards was 108.06 million, a 10.4 percent year-on-year increase as compared to Dec 2023, shows a report by Worldline India.
The report further reveals that top five issuers of credit cards were HDFC Bank, State Bank of India (SBI), ICICI Bank, Axis Bank and RBL Bank.
71 percent of credit cards were issued by private sector banks while 24 percent by public sector banks. At the same time, 64 percent of debit cards were issued by public sector banks and 25 percent by private sector banks.
The remaining cards were issued by payment banks, small finance banks and foreign banks.
Similar to card issuance, the volume of card transactions in 2H 2024 was 4.1 billion, a growth of 11 percent from 2H 2023. Debit card transactions in 2H 2024 were 0.82 billion, a 29 percent drop off from 2H 2023 while prepaid card transactions were 0.86 billion, a growth of 11 percent.
Meanwhile, number of credit card transactions stood at 2.42 billion, a significant jump of 36 percent when compared to 2H 2023.
Value of card transactions
The value of card transactions in the second half of 2024 was ₹13.64 trillion, an increase of 8 per cent from 2H 2023. This growth was largely supported by credit cards. Credit card transactions value in 2H 2024 was ₹10.76 trillion, a strong rise of 14 percent from 2H 2023 while, during the same period, debit cards transaction value was ₹2.55 trillion, a fall of 16 percent and prepaid cards were ₹334 billion, a growth of 38 percent.
The average ticket size (ATS) for all cards in 2H 2024 was ₹2,645, a 4 percent decrease from 2H 2023. Credit cards ATS in 2H 2024 was ₹4,436, a 16 percent decrease and prepaid cards ATS was ₹388, a 25 percent increase and debit cards ATS was ₹3113, a strong 18 percent growth.
The drop in credit card ATS is a simple function of higher number of transactions. Total card transactions volume on POS terminals in 2H 2024 was 2.27 billion, a 4 percent YoY increase.
During the same period, credit card transactions were 1.245 billion, a 34 percent rise while debit card transactions were 607.5 million, a 27 percent fall. The prepaid card transactions were 422 million transactions, decrease 3 percent YoY.
The value of card transactions on PoS in 2H 2024 was ₹5.83 trillion, compared to ₹5.31 trillion a year before; a 10 percent increase. During the same time period, the value of credit card transactions was ₹4.07 trillion, a very healthy growth of 24 percent while debit card transactions value was ₹1.70 trillion, an 14 percent drop while prepaid cards was ₹56 billion, a growth of 8 percent.
Total card transactions volume for online transactions in 2H 2024 saw an increase 21 percent to 1.83 billion when compared to 2H 2023. During the same time period, credit card transactions increased by 38% to 1.181 billion while debit cards fell by 33 percent to 211 million and prepaid cards grew by 27% to 441.55 million
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