Credit cards were rolling ahead in terms of demand and usage, as of December 2019, a report by Crif High Mark showed. But since the covid-19 pandemic, people turn to mobile payments, and a recent S&P Global Market Intelligence report said that they have gained a lead over credit cards. As of December 2019, the credit card industry portfolio stood at ₹1,24,390 crore, a year-on-year growth of 44%. In September 2019, there were 3.25 crore active card borrowers, the number has grown at a compounded annual growth rate (CAGR) of 22% over four preceding years. The latest CRIF CreditScape report, released in May, stated that forecasts show that around one million credit cards will be sourced over the next five-six quarters. “Credit cards, once considered a product for the affluent, have expanded to consumers in tier II and III cities. Borrowers opting for a credit card for the first time have increased by three times in four years. Credit cards lead to increased purchasing capacity for consumers, especially millennials, and encourage usage by offering rewards and discounts on e-commerce portals." said Navin Chandani, managing director, and chief executive officer of CRIF High Mark.