India's Credit Card Industry Sees Slower Spending Growth and Reduced Rewards
India's credit card industry is experiencing a slowdown despite increased transaction frequency. While total spending rose modestly to nearly ₹2 lakh crore in April 2026, average transaction values and spending per card have declined, reflecting a shift toward smaller, everyday purchases. Concurrently, banks are reducing rewards like cashback and lounge access amid rising costs and regulatory tightening, focusing more on high-value customers. Market competition remains intense, with some banks gaining share as the sector's rapid growth normalizes.