• SHANU KUMAR
• PRABHAT RANJAN
• MRIDUL GUPTA
• Dr. Rakesh gautam

India, one of the fastest-growing economies globally, exhibits a significant gap in accessing formal credit compared to advanced nations. To bridge this gap, banks and financial institutions are introducing new payment products and systems to enhance credit accessibility. Credit cards have emerged as a prominent instrument in facilitating credit access, witnessing widespread issuance and usage, thereby altering the traditional debit card-centric narrative. This paper conducts a sectoral analysis of the credit card industry in India, focusing on the top three issuers: HDFC Bank, SBI Cards, and ICICI Bank. Through secondary data analysis and SWOT analysis, the study highlights the industry's growth, challenges, and opportunities. While credit card usage has surged, security concerns persist, necessitating cautious usage to avoid debt traps. Furthermore, the study explores consumer behavior factors influencing credit card usage, emphasizing perceived usefulness and perceived risk. Despite economic growth, personal bankruptcies due to overspending and interest accumulation remain prevalent, underscoring the importance of responsible credit card usage. The paper also discusses credit card usage trends in other developing countries like Bangladesh and explores the evolving landscape of credit card markets globally. Finally, it examines India's progress towards financial inclusion through digital payments, emphasizing the role of credit cards in achieving a cashless economy.

Banking, Banking services and Credit Card

"Study of credit card usage by businessman in India. ", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.11, Issue 4, page no.b440-b453, April-2024, Available :http://www.jetir.org/papers/JETIR2404150.pdf

"Study of credit card usage by businessman in India. ", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.11, Issue 4, page no. ppb440-b453, April-2024, Available at : http://www.jetir.org/papers/JETIR2404150.pdf