India’s Credit Card Market in 2026 — Updated Overview
India’s credit card market continues to expand rapidly, powered by rising digital adoption, UPI-linked credit innovations, and growing consumer demand. Recent industry figures suggest the market has crossed ~113 million active cards by late 2025/early 2026, with private banks sustaining the largest shares and digital credit offerings gaining ground.
Market Snapshot
- Active credit cards: ~113 million+ in circulation by end-2025.
- RuPay share: Around 18% of India’s credit card market is on RuPay, a fast-rising segment driven by UPI-linked activations.
- UPI Credit Transactions: UPI-linked credit cards now account for an estimated 38–40% of credit card transaction volume by count.
Private sector banks continue to dominate credit card issuance, with SBI Card (State Bank of India) remaining a key competitor thanks to broad national reach and loyalty in both urban and non-metro areas.
Top 10 Credit Card Issuers in India – 2026
1. HDFC Bank
- Market Share: ~22–23% in late-2025/early-2026
- Key Cards: Infinia, Diners Black, Regalia Series, co-brands
- Why It Leads: HDFC’s deep digital onboarding, wide card portfolio spanning premium to mass-market, and consistent reward value keep it at the top.
2. SBI Card (State Bank of India)
- Market Share: ~19–20%
- Key Cards: SBI Cashback, SimplyCLICK, SBI Elite, IRCTC SBI
- Why It Stands Out: Broad rural and tier-2/tier-3 penetration backed by SBI’s huge retail footprint.
3. ICICI Bank
- Market Share: ~15–16%
- Key Cards: Amazon Pay ICICI, Coral, Rubyx, Sapphiro
- Why It Stands Out: Strong co-brand ecosystem and digital services appealing to urban millennials.
4. Axis Bank
- Market Share: ~13–14%
- Key Cards: Axis Ace, Flipkart Axis, Atlas, Reserve
- Why It Stands Out: Reward and travel-oriented propositions plus integration of Citi India’s card portfolio.
5. RBL Bank
- Market Share: ~4%
- Key Cards: Platinum Maxima, Popcorn, Cookies
- Why It Stands Out: Aspirational, youth-focused lifestyle cards gaining popularity among urban Gen Z segments.
6. Kotak Mahindra Bank
- Market Share: ~4%
- Key Cards: White Reserve, Essentia, League
- Why It Stands Out: Fast digital onboarding and fintech partnerships, though growth is moderating.
7. IDFC FIRST Bank
- Market Share: ~3–4%
- Key Cards: FIRST Classic, FIRST Select, HPCL Power+, Millennia
- Why It Stands Out: Cost-effective, no-fee cards with UPI linking appeal to value-conscious users.
8. IndusInd Bank
- Market Share: ~2–3%
- Key Cards: Legend, EazyDiner, Pinnacle
- Why It Stands Out: Personalized and niche partnerships (dining, travel, lifestyle).
9. American Express (India)
- Market Share: <2%
- Key Cards: Amex Platinum, Gold Charge, SmartEarn
- Why It Stands Out: Premium brand choice for professionals and frequent travellers, despite selective merchant acceptance.
10. YES Bank
- Market Share: ~1–2%
- Key Cards: YES First Exclusive, Prosperity, Kiwi RuPay co-brand
- Why It Stands Out: Rapid growth via fintech partnerships and UPI-first offerings like Kiwi.
Key Industry Trends in 2026
Private Banks Still Dominant:
Private sector issuers account for the bulk of new cards and digital innovations, with SBI Card the only public sector lender in the top ranks.
UPI Credit Takes Off:
UPI-linked credit cards — especially RuPay — are no longer niche. Their share of transaction volume is approaching two-fifths of credit card activity.
Digital & Co-Brand Innovation:
Partnerships between banks and digital platforms (e-commerce or fintech) continue shaping product development and card-holder benefits.
Urban + Tier-2 Growth:
While metro adoption remains strong, significant increments are coming from Tier-2/Tier-3 urban areas as spending shifts from cash to credit.
Premium vs Everyday Usage:
Premium cards with travel, lounge, and concierge perks remain aspirational, while everyday cards with UPI and cashback appeal to younger and value-oriented consumers.
Quick Reference Table — 2026 Issuer Overview
| Bank | Approx. Market Share | Strength |
|---|---|---|
| HDFC Bank | ~22–23% | Premium & mass rewards |
| SBI Card | ~19–20% | Extensive reach, mass adoption |
| ICICI Bank | ~15–16% | Co-brands & digital |
| Axis Bank | ~13–14% | Travel & rewards focus |
| RBL Bank | ~4% | Lifestyle & Gen Z |
| Kotak Mahindra | ~4% | Digital + fintech |
| IDFC FIRST Bank | ~3–4% | Value + UPI |
| IndusInd Bank | ~2–3% | Personalized benefits |
| AmEx | <2% | Premium segment |
| YES Bank | ~1–2% | UPI + fintech tie-ups |
(Market share figures are based on the latest available industry estimates from 2025/early 2026)
Final Thoughts – 2026 & Beyond
Choosing the right credit card now means balancing reward value, network reach, digital ease, and integration with everyday payment behaviour (like UPI). Private banks continue to innovate rapidly, especially in RuPay credit and co-brand tie-ups, while consumer demand shifts toward seamless digital experiences and everyday value. With more than 113 million cards in circulation and growing, India’s credit card story remains one of dynamic growth and evolving consumer expectations.
