Why is India's credit card market slowing down? New report reveals the trends

India's credit card market is slowing down, with fewer new cards issued and rising late payments. Outstanding balances reached ₹3.3 lakh crore by June 2024, a slower growth than the previous year. Late payments are increasing across all card categories, particularly for cards with lower limits. New card issuances also declined significantly in the first quarter of FY25.