India's Credit Card Market Grows But User Penetration Stays Low
India's credit card industry has expanded considerably over the last ten years, yet adoption rates remain well below global standards. Younger demographics and semi-urban populations have begun embracing credit cards at higher rates than before. However, the sector faces stiff competition from digital payment alternatives, particularly UPI, which has gained widespread traction. The overall quality of credit card portfolios has improved following the financial stress caused by the pandemic.
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