“Credit Cards are the best form of financial instruments ever introduced on the planet” – says every finance guru.
Challenging the traditional skepticism, India is accessing credit cards faster than ever!
According to a PwC Report, nearly 62 million credit cards were in use in India in 2021, and the cumulative number of cards increased consistently in recent years and recovered from falling numbers in May 2020, amidst the COVID-19 pandemic.
Now, in June 2022, 78.72 Million credit cards are in India with a 25.32% YoY growth (one of the highest in recent times). The credit card spends in June’22 alone accounts for Rs. 1.09 Lakh Crores. (crossing Rs.1 lakh crore for the fourth consecutive month)
That’s why we say ‘CCaaS’ (Credit Cards as a Service) is only getting started in India. At Hyperface, we help you roll out your perfect credit card program. Our pre-integrated Credit-Cards-as-Service platform allows brands and fintechs to launch co-branded card programs rapidly.
Check out the below brief report by Hyperface which provides the key highlights on the credit card statistics in India.
Link to the download the report: https://bit.ly/ccQ2ReportHyperface