After two decades of innovation in financial services in India, one statistic stands out in its lack of scale—the number of unique credit card holders. In contrast, the US has more than 1 billion credit cards, with over $3 trillion in outstanding limits. Credit cards are woven into the everyday fabric of life and consumption, totalling a staggering $1 trillion of spends each year. More than 75 million consumers who actively shop online in India today do not have a credit card. A combination of factors—e-commerce growth, millennial purchasing power, credit card underpenetration, digital finance rails— is driving this phenomenon.

Source: Mint July 18, 2021 19:50 UTC