Overview

Debit card transaction volumes fell 12% YoY in March 2026, even as credit cards saw a sharp sequential rebound of 17% in volume and 24% in value. 1Lattice's analysis of RBI data, featured in ETBFSI, unpacks the shifting dynamics in India's card payments landscape.

Debit card transaction volumes declined 12% year-on-year in March 2026, though they rose 8% month-on-month, with transaction value down 5% annually, according to 1Lattice's analysis of RBI data. About 0.54B debit card transactions were recorded in March, up from 0.50B in February, with ATMs continuing to dominate, accounting for 81.4% of the volume. Credit cards told a different story: volumes surged 17%, and value jumped 24% month-on-month, with 0.58B transactions recorded, led by e-commerce spending at 64.1% of value. SBI led the debit card segment, while HDFC Bank topped the credit card segment. Over the past four years, debit and credit card transactions have grown at a CAGR of around 20% and 19%, respectively. These insights, powered by 1Lattice's data analysis, were featured in ETBFSI, reflecting 1Lattice's role in decoding shifts in India's digital payments ecosystem.