Credit card penetration lags in India despite better asset quality

Credit card use in India is still quite low, even compared to other developing countries, according to TransUnion CIBIL.

• Only 52 million people in India have credit cards
• That is just 25% of the 250 million people who use any kind of credit

Earlier, many new credit card users were first-time borrowers, but now that number has dropped:

• From 26% last year to just 8% now

In simple terms: Fewer people in India use credit cards, and now even fewer new users are joining the credit system through cards compared to before.