New Delhi, Sept. 25 -- Credit cards are losing ground in India's rapidly expanding digital payments ecosystem, with their share of retail digital spending declining further in August, even as overall digital transactions continued to grow, according to a Jefferies report.

The report noted that retail digital spending, excluding NEFT, grew 18 per cent year-on-year to Rs 44.8 trillion in August 2026. However, credit cards' share of this spending declined to 4.5 per cent, down 50 basis points year-on-year and 20 basis points sequentially.

"Credit card share of retail digital spending (ex NEFT) fell MoM," Jefferies said, highlighting the widening gap between the growth of the broader digital payments ecosystem and credit card usage.

The tr...