There are more debit card users than credit cards users in India as per the new RBI data.
In 2005-06, the number of cards was 17.3 million, which shot up to 27.5 million in 2007-08. But keeping with the law of gravity, the numbers came down to 24.6 million in 2008-09. The situation worsened in 2009-10, with the numbers fell to 18.3 million.
On the other hand the debit card usage is increasing. In 2005-06, the number of debit cards in the market was just 49.8 million. In 2007-08, the numbers grew to 102.4 million and, in 2009-10, to 181.4 million.