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India has made significant progress in the democratisation of digital payments over the last five years. However, millions still rely on cash, and even more lack access to formal credit. Credit cards play an important role, as they can serve as a powerful tool in democratising credit, and empowering individuals and small businesses.
In recent years, credit bureaus, alternative data, and technology-based underwriting capabilities have matured and evolved, providing new opportunities to the financial services sector. According to a 2022 CIBIL study, over 50 per cent of the country’s credit-eligible adults do not have access to credit, and 160 million
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