India Fuel Cards Market

India Fuel Cards Market Overview:

The India fuel cards market size reached USD 29.60 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 71.45 Billion by 2033, exhibiting a growth rate (CAGR) of 10.30% during 2025-2033. The market is growing because of increasing fleet operations, rising fuel costs, use of digital payments, government initiative for cashless transactions, and management of fuel expenses. Further, corporate demand for effective fleet monitoring, integration with telematics, and tailored offerings by fuel suppliers are driving market growth.

India Fuel Cards Market Trends:

Rising Fuel Costs Driving Increased Adoption of Fuel Cashback Credit Cards

The rising cost of fuel in India is significantly influencing the demand for fuel cashback credit cards, particularly in Tier-II and Tier-III cities, where consumers seek cost-saving measures. According to industry reports, demand for fuel cashback credit cards surged by 17% YoY in 2023, reflecting a shift toward more strategic spending habits. This trend aligns with India's growing credit card adoption, which is projected to reach 10 crore users by 2024, up from 7.5 crore in 2022. Younger consumers, particularly those under 25, who make up nearly 50% of new-to-credit (NTC) consumers, are driving this trend. Fuel card providers are responding by offering increased cashback incentives, discounts on fuel purchases, and digital payment solutions to attract this expanding user base.

Growing Adoption of Contactless and Mobile-Based Fuel Payments

The move toward contactless and mobile-based fuel transactions is gaining pace in India, led by smartphone penetration and digital payment growth. Major fuel card issuers are launching NFC-based fuel cards, mobile app-based fuel payments, and QR-code scanning at fuel pumps, lessening cash and card-based transactions. Promotional policies to encourage cashless transactions and digitalize finances by the government further boost such a trend. With more and more fuel stations adopting mobile payment infrastructure, companies are shifting towards digital fuel cards for ease of use, security, and streamlined transaction monitoring. This is also aiding compliance with spending management policies to a greater extent, facilitating streamlined reimbursement procedures while allowing greater financial transparency within fleet operations. For instance, in January 2025, AG & P Pratham-THINK Gas, in partnership with Zaggle, launched the Mileage+ CNG Fuel Card, offering cashless payments, real-time tracking, and fleet management benefits. Fleet owners can operate multiple cards under one account, enhancing efficiency. The card provides savings of up to ₹3/kg on CNG and aims to promote clean fuel adoption.

India Fuel Cards Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the region/country level for 2025-2033. Our report has categorized the market based on type, technology, application, and end user.

Type Insights:

• Branded
• Universal
• Merchant

The report has provided a detailed breakup and analysis of the market based on the type. This includes branded, universal, and merchant.

Technology Insights:

• Smart Cards
• Standard Cards

A detailed breakup and analysis of the market based on the technology have also been provided in the report. This includes smart cards and standard cards.

Application Insights:

• Fuel-Refill
• Parking
• Vehicle Services
• Toll Charges
• Others

A detailed breakup and analysis of the market based on the application have also been provided in the report. This includes fuel-refill, parking, vehicle services, toll charges, and others.

End User Insights:

• Individual
• Corporate

A detailed breakup and analysis of the market based on the end user have also been provided in the report. This includes individual and corporate.

Regional Insights:

• North India
• South India
• East India
• West India

The report has also provided a comprehensive analysis of all the major regional markets, which include North, South, East, and West India.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

India Fuel Cards Market News: 

• In September 2024, RBL Bank and Indian Oil Corporation Limited (IOCL) launched a co-branded credit card, named IndianOil RBL Bank XTRA Credit Card, offering customers up to 250 liters of free petrol annually. The card provides reward points on fuel transactions and a seamless expense management platform. The launch event featured a 750 km bike ride from Chandigarh to Leh-Ladakh. Mastercard is supporting the initiative, emphasizing secure payments and economic benefits. The partnership aims to enhance fuel affordability amid rising disposable incomes and growing fuel expenses in India.
• In December 2023, Kotak Mahindra Bank and IndianOil Corporation Limited launched the IndianOil Kotak Credit Card, offering fuel rewards and cashback benefits. Designed to enhance refueling experiences, the card provides savings on fuel expenses and digital payment convenience. This partnership aims to revolutionize fuel transactions by integrating discounts, loyalty points, and seamless payment options. The initiative aligns with India’s growing digital payment ecosystem, providing consumers with a cost-effective and reward-driven fuel purchasing solution across IndianOil outlets nationwide.

India Fuel Cards Market Report Coverage:

Key Questions Answered in This Report:

• How has the India fuel cards market performed so far and how will it perform in the coming years?
• What is the breakup of the India fuel cards market on the basis of type?
• What is the breakup of the India fuel cards market on the basis of technology?
• What is the breakup of the India fuel cards market on the basis of application?
• What is the breakup of the India fuel cards market on the basis of end user?
• What are the various stages in the value chain of the India fuel cards market? 
• What are the key driving factors and challenges in the India fuel cards market?
• What is the structure of the India fuel cards market and who are the key players?
• What is the degree of competition in the India fuel cards market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the India fuel cards market from2019-2033.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the India fuel cards market.
• Porter's Five Forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the India fuel cards industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.