As digital payments rise in India, the total number of credit and debit cards in circulation breached the one billion mark in 2021, according to a survey. It is part of the Digital Payments Report released by Worldline India.
The report also said that out of the total cards in circulation, credit cards represented a 7 per cent market share, while debit cards accounted for 93 per cent market share. Private sector banks issued the highest number of credit cards – 67 per cent – while public sector banks accounted for 24 per cent, the report further said.
The top three banks to issue the highest number of credit cards are HDFC, SBI and ICICI.
Analysing the transactions available in public databases, the report further said that UPI payments clocked over 4.57 billion transactions in volume in the year 2021, registering a growth of 105 per cent in volume and 111 per cent in value as compared to 2020.