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Debit Cards in India

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    Report

  • 21 Pages
  • January 2026
  • Region: India
  • Euromonitor International
  • ID: 1543117
Debit cards continues to benefit from near universal financial inclusion in India, though the use of such cards is being undermined by the fact that electronic transfers are being used for routine, high-frequency payments. Debit cards continue to be used for transactions where cash or card-based payments are preferred, particularly outside the major urban centres.

This Debit Card Transactions in India report establishes the size and structure of the market for ATMs cards, smart cards, credit cards, debit cards, charge cards, pre-paid cards and store cards. It looks at key players in the market (issuers and operators), number of cards in circulation, numbers transactions and value of transactions. It offers strategic analysis of sector forecasts and trends to watch.

Product coverage: Commercial Debit Card Transactions, Personal Debit Card Transactions.

Data coverage: market sizes (historic and forecasts), company shares, brand shares and distribution data.

Why buy this report?

  • Get a detailed picture of the Debit Card Transactions market;
  • Pinpoint growth sectors and identify factors driving change;
  • Understand the competitive environment, the market’s major players and leading brands;
  • Use five-year forecasts to assess how the market is predicted to develop.

Table of Contents

KEY DATA FINDINGS
2025 DEVELOPMENTS
  • Debit cards remains important, but for specific payment occasions
INDUSTRY PERFORMANCE
  • High penetration and moderating retail spend constrain growth
  • Changing consumer behaviour impacts debit card usage
WHAT’S NEXT?
  • Stable card issuance to support base growth
  • Declining retail transaction volumes and spend per card
  • Regulatory and infrastructure developments influencing the market
COMPETITIVE LANDSCAPE
  • Public sector banks retain leadership with RuPay dominating the debit card network
CATEGORY DATA
  • Table 1 Debit Cards: Number of Cards in Circulation 2020-2025
  • Table 2 Debit Cards Transactions 2020-2025
  • Table 3 Debit Cards in Circulation: % Growth 2020-2025
  • Table 4 Debit Cards Transactions: % Growth 2020-2025
  • Table 5 Debit Cards: Number of Cards by Issuer 2020-2024
  • Table 6 Debit Cards: Number of Cards by Operator 2020-2024
  • Table 7 Debit Cards Payment Transaction Value by Issuer 2020-2024
  • Table 8 Debit Cards Payment Transaction Value by Operator 2020-2024
  • Table 9 Forecast Debit Cards: Number of Cards in Circulation 2025-2030
  • Table 10 Forecast Debit Cards Transactions 2025-2030
  • Table 11 Forecast Debit Cards in Circulation: % Growth 2025-2030
  • Table 12 Forecast Debit Cards Transactions: % Growth 2025-2030
COUNTRY REPORTSFINANCIAL CARDS AND PAYMENTS IN INDIA
EXECUTIVE SUMMARY
  • More segmented use of payment methods
KEY DATA FINDINGS
INDUSTRY PERFORMANCE
  • Evolving financial cards and payments landscape
  • Electronic transfers dominated by UPI for everyday payments while cards used for intentional high-value transactions
  • Rising adoption in smaller cities reshapes product demand
WHAT’S NEXT?
  • Ongoing development of the payments ecosystem
COMPETITIVE LANDSCAPE
  • Segmented competitive landscape
MARKET INDICATORS
  • Table 13 Number of POS Terminals: Units 2020-2025
  • Table 14 Number of ATMs: Units 2020-2025
  • Table 15 Value Lost to Fraud 2020-2025
  • Table 16 Card Expenditure by Location 2025
  • Table 17 Financial Cards in Circulation by Type: % Number of Cards 2020-2025
  • Table 18 Domestic versus Foreign Spend 2025
MARKET DATA
  • Table 19 Financial Cards by Category: Number of Cards in Circulation 2020-2025
  • Table 20 Financial Cards by Category: Number of Accounts 2020-2025
  • Table 21 Financial Cards Transactions by Category: Value 2020-2025
  • Table 22 Financial Cards by Category: Number of Transactions 2020-2025
  • Table 23 Consumer Payments by Category: Value 2020-2025
  • Table 24 Consumer Payments by Category: Number of Transactions 2020-2025
  • Table 25 M-Commerce by Category: Value 2020-2025
  • Table 26 M-Commerce by Category: % Value Growth 2020-2025
  • Table 27 Financial Cards: Number of Cards by Issuer 2020-2024
  • Table 28 Financial Cards: Number of Cards by Operator 2020-2024
  • Table 29 Financial Cards: Card Payment Transactions Value by Operator 2020-2024
  • Table 30 Financial Cards: Card Payment Transactions Value by Issuer 2020-2024
  • Table 31 Forecast Financial Cards by Category: Number of Cards in Circulation 2025-2030
  • Table 32 Forecast Financial Cards by Category: Number of Accounts 2025-2030
  • Table 33 Forecast Financial Cards Transactions by Category: Value 2025-2030
  • Table 34 Forecast Financial Cards by Category: Number of Transactions 2025-2030
  • Table 35 Forecast Consumer Payments by Category: Value 2025-2030
  • Table 36 Forecast Consumer Payments by Category: Number of Transactions 2025-2030
  • Table 37 Forecast M-Commerce by Category: Value 2025-2030
  • Table 38 Forecast M-Commerce by Category: % Value Growth 2025-2030
COUNTRY REPORTS
SOURCES
  • Summary 1 Research Sources