New Delhi, July 26 -- In the past decade, the number of Indians with credit cards has grown 3.6-fold-from about 14 million in March 2016 to 52 million in March 2026. More than 100 million cards are now in circulation, carrying outstanding balances of around Rs.3.1 trillion. Yet credit card holders account for just 25% of individual borrowers in India, compared with about 80% in the US, suggesting significant room for expansion.

A new report by TransUnion Cibil, which tracks borrowers' credit scores, meanwhile, points to emerging strains: rising payment defaults are slowing credit card growth just as consumers increasingly turn to other forms of personal borrowing.

Outstanding credit card balances have expanded at an average annual rate ...