Credit Card Industry Trends: Building Consumer Trust in India’s Digital-First Market

Taking on debt has traditionally never been a way of being for most Indians. As a country, we have favored the use of debit cards - and the reasons are various. Whether due to low-income levels, limited financial literacy, fear of debt, stricter credit card regulations, or a strong preference for cash payments - we’ve stayed debt-averse as a society. 

However, this landscape is changing rapidly, as the credit card industry sees remarkable growth. According to a news article from India Today , the number of credit card users surged from 2 crore in 2011 to 10 crore in 2024.

As a lot of you know by now, at Techmagnate - A Digital Marketing Agency , we frequently release trend reports for the BFSI industry and one of our most recent reports details search trends and evolving customer behavior in the credit card industry. 

Our report shows the rise in searches for credit cards increased by 14.62% in 2023 compared to the previous year. 

Indians carried out 159.68 Lakh monthly searches on ‘credit cards’ and they also went looking for specific brands. We saw 110k monthly searches on Rupay credit cards, 74K monthly searches on ‘credit card students’, and 49K searches on ‘MasterCard’. 

But what has driven this shift? It’s worth taking a look at. Because, the credit card market, once wary of fraud and misuse, is now embracing credit cards as a whole. 

Credit Card Market Share and Key Players

According to Techmagnate’s report, brand-related credit card terms now account for 79.80% of the total market share, reflecting the trust consumers place in already established banks like HDFC Bank and Axis Bank . On the other hand, non-brand searches hold a smaller market share of 20.20%, but they show a growing interest in general credit card information beyond specific brands.

Searches for credit card apps have also risen, with 89.60% of the market share focused on branded apps – such as "Axis Bank credit card app" and "HDFC app for credit card."

As far as the leading players are concerned, HDFC Bank commands the highest share of voice at 33.19%, followed by ICICI Bank (25.72%) and  Bajaj Finserv (22.45%). 

Clearly, these brands have successfully built a strong digital presence, backed by effective SEO strategies, helping them gain consumer trust. 

Credit Card Industry Trends - What Customers Want

The increased searches for credit cards indicate that the general populace is ready and willing to embrace a shift in their financial standing through debt. For lenders, the opportunity lies in penetrating new markets, dominating the market share, and reaching a broader audience. 

But how do they get there? By understanding what credit card users want. 

1. Clear and Concise Information

Analyzing the top 10 buckets for credit card searches brings forward valuable insights about consumer behavior. These buckets include key customer needs such as account logins, payment, application status, and offers. This data helps credit card companies understand where consumer interest lies and how they can utilize it to win their customers’ trust.

2. Credit Card Market Share for Apps

As the data below clearly shows, apps catering to credit card needs have seen reasonably good growth in downloads, i.e. more and more people want greater control of their financial decisions in their hands - literally. 

People are also downloading these apps for a smoother application process; as a means for keeping a check on their spends; for checking out their EMI options; and more. 

Credit card apps like OneCard and CRED are at the forefront of this trend. 

OneCard’s app saw a significant 47.58% increase in downloads, reaching 134.00 lakh, and capturing a 37.07% market share. CRED, despite a 25.52% drop in downloads, still holds 29.87% of the market, demonstrating its strong presence and commitment to personalized user experiences.

New entries like Kiwi and CheQ are also gaining traction. Kiwi, with its focus on RuPay credit cards, achieved a 2.93% market share, while CheQ, which focuses on credit bill payments, has made a notable debut in 2023. 

Fintech is clearly disrupting this space because these new apps are attracting users with features like customized payment reminders and easy credit management tools. As users increasingly seek personalized, on-the-go services, credit card companies should invest in optimizing their apps to meet these demands.

3. Information in Regional/Vernacular Languages

Internet and Mobile Association of India (IAMAI) reports that 57% of users prefer searching in regional languages. Techmagnate's report further underscores this trend, showing a 41.28% increase in vernacular credit card searches in 2023. 

To effectively reach India's diverse population, brands and financial institutions must provide information in regional languages.

4. Best Deals in Credit Cards

Consumers are increasingly seeking detailed, reliable information to make informed financial decisions. This trend highlights the growing interest in understanding the benefits, features, and eligibility criteria of various credit card options available in the market.

Search terms like “Rupay credit card” and “KCC card” showing up in the Top 10 keywords list are clearly indicative of shifting consumer trends. Service providers will have to start offering sophisticated financial products to a wider demographic in order to stay ahead. 

Additionally, the rise in search queries suggests that consumers are not just looking for generic advice but are keen on finding the best deals that suit their specific needs and lifestyle. 

Whether they’re in search of rewards, cashback, low-interest rates, or specific needs, the modern credit card seeker is well-informed and discerning.

5. Credit Card Providers in their Physical Vicinity

In 2023 alone, 37.21K average monthly searches were carried out with the term "near-me" attached when people were looking for credit card services.

The "near-me" searches include branded terms like "SBI credit card near me" and non-branded terms like "credit card payment near me," showing a strong desire for convenience.

This trend underscores the importance of a local presence and accessibility for credit card providers. Consumers are not only interested in finding the best credit cards online but also in locating nearby branches and service points for convenience.

For consumers, the convenience of nearby services means quicker resolutions to queries, easier access to customer support, and the ability to perform transactions in person. Credit card providers that can effectively combine their online and offline presence will likely see increased customer satisfaction and loyalty.

Navigating Trust in the Digital Frontier of Credit Card Market

The growth of the credit card industry in India is driven by increased consumer demand and technological advancements. To succeed in this changing landscape, credit card providers must focus on three key areas: transparency, personalized customer experiences, and strong SEO.

Insights from industry reports highlight current consumer search trends and areas of interest. Understanding these search trends can help credit card companies tailor their marketing strategies effectively - ensuring they meet the evolving demands of their customers.

The team at Techmagnate works day in and day out with some of the largest BFSI brands in India. We have established ourselves as leaders of BFSI marketing and our job is to help you increase your market share and build greater levels of trust with your customer base. If you’re ready to get started, let’s talk.

Brands featured: State Bank of India , RBL Bank , Bank of Baroda , Gild FD Card , Rupicard , Union Bank of India