New Delhi, June 27 -- In today's rapidly changing era, credit cards are a necessity and a cornerstone of financial flexibility. They act as a revolving line of credit and these credit cards permit users to make purchases, pay bills and withdraw cash up to a pre approved limit.

Due to the seamless and smooth nature of credit card usage, their popularity is rising. This is primarily driven by the cashless economy and the need for quick access to funds. The credit card count in the country has more than doubled in five years, while debit card growth remained modest.

Digital payments surged 94-fold since 2013, showcasing the country's rapid fintech transformation and UPI-led expansion. Therefore, as more people embrace digital finance tools...