“Indian consumers have showed their preference for credit cards, with 47.99 million credit cards in operation in April 2019, according to the Reserve Bank of India . At the same time, the number of debit cards has declined to 884.78 million, a reduction of 39.8 million existing cardholders. Between April 2018 and April 2019, India added some 10.2 million credit cards and lost over 21 million debit cards. Card usage spiked during the months following demonetisation, when the unavailability of cash forced people to use cards. The number of transactions using credit cards at POS terminals or swipe machines grew by 26.2% year-on-year, while it increased by 22.1% for debit cards since April 2018.”