New Definition of Affluence: Visa’s Sandeep Ghosh on the Rise of India’s Aspiration-Driven Consumers

Affluence in India is undergoing a transformation - shaped not merely by wealth, but increasingly by aspiration, digital-first behavior, and a growing appetite for curated premium experiences. And the phenomenon is no longer limited to the metros. From Ludhiana to Coimbatore, a new class of experience-driven consumers is reshaping the luxury market. Storyboard18's editor Delshad Irani sat down with Sandeep Ghosh, Group Country Manager for Visa India and South Asia, to understand how these shifts are influencing consumption patterns, what they mean for a company like Visa, and how innovation in digital payments is unlocking seamless, borderless access for India's ambitious and upwardly mobile elite.

Q: We keep hearing about the rise of affluent, aspirational Indian consumers. From your vantage point at Visa, what key behavioral shifts are informing your strategy today?

Sandeep Ghosh: Several important trends stand out. First, there’s been a clear emergence of a new affluent class in India. You’ve probably seen the data—India now has the third-largest number of billionaires globally. What's particularly interesting is that one in five of them is under the age of 40, thanks in part to the startup ecosystem and a wave of IPOs.

Second, affluence is no longer confined to Tier 1 cities. While the metros still represent a large base, we are seeing significant growth coming from Tier 2 and 3 cities—places like Ludhiana, Agra, and Coimbatore. Between FY20 and FY25, credit card spending by affluent consumers in these smaller cities grew at nearly four times the rate seen in metros. We're also seeing a shift in expectations. Consumers now want more than just security and convenience in digital payments. They’re looking for elevated experiences—access, privileges, and benefits that reflect their aspirations. In many ways, this signals a structural shift: the democratization of affluence.

Q: Before the pandemic, India wasn’t exactly a credit-card culture. What triggered the shift toward greater acceptance of credit cards and digital payments?

Ghosh: A number of factors contributed. One is the dramatic expansion of digital payment acceptance, both online and offline. The ubiquity of QR codes certainly played a role, but so did the increase in point-of-sale devices and low-cost acceptance tools. International travel has also been a major driver. In Western Europe, North America, and Australia, cards—particularly contactless—are the default payment method. When Indians travel abroad, they’re compelled to adapt. Over time, that behavior translates into greater comfort with card payments at home too.

On the domestic front, we’ve seen a rise in e-commerce adoption. Today, over 60% of credit card transactions happen in non-face-to-face settings—Amazon purchases, food delivery via Swiggy and Zomato, and other platforms. Digital payments are habit-forming. The more frequently people use them, the more ingrained they become. Another advantage of cards is the built-in consumer protection framework—dispute resolution, chargebacks, and grievance redressal—features that enhance trust.

That said, we’re still underpenetrated. Out of India’s 1.4 billion people, we have about 110 million credit cards—and only around 50 million unique cardholders. We estimate another 100 to 150 million people are credit-eligible but currently unserved.

Q: If those individuals are eligible, why haven’t they adopted credit cards yet?

Ghosh: Much of it comes down to information asymmetry. Credit cards are unsecured loans, and banks are understandably cautious. They’re more comfortable underwriting salaried individuals than those who are self-employed. And India is, fundamentally, a self-employed nation .While we’ve made great strides in improving credit data infrastructure—thanks to credit bureaus—we haven’t seen the same level of democratization in credit access as we have in digital payments.

Consider this: China, with a similar population, has ten times as many credit cards. Brazil, a much smaller country, has four times India’s base. We still have ground to cover, especially in enabling banks to underwrite credit for non-salaried segments more confidently.

Q: There’s increasing chatter about “not leaving money on the table” when choosing between payment methods. As Visa, how do you approach consumer education and conversion?

Ghosh: Our primary competition isn’t other digital payment players—it’s cash.India is on a collective journey toward becoming a less-cash economy. Whether through UPI, wallets, or cards, the goal is to displace cash. At Visa, we support all of these rails. We're not just a card company anymore—we enable movement of funds from cards, wallets, and accounts to any of those endpoints.Consumers should have the freedom to choose their preferred digital payment method for different use cases. For us, it’s about offering interoperable, secure, and seamless payment experiences—regardless of the form factor.

Q: Visa’s recent Infinite campaign featuring actor Vicky Kaushal marks a pivot toward aspirational branding. What’s the strategy behind it, and how has it performed so far?

Ghosh: Vicky Kaushal is our first Bollywood brand ambassador, and we’re thrilled to have him on board. His personality aligns beautifully with our brand—youthful, sophisticated, and aspirational.The campaign showcases Visa Infinite’s top-tier offerings around bespoke travel, dining, and lifestyle benefits. This includes concierge services, partnerships with premium hotel chains like ITC and Elivaas, and curated privileges that go beyond the typical rewards structure.

These benefits stack on top of what our issuing banks already offer, making for a compelling combined proposition. The campaign has performed very well so far, especially among our target demographic of upwardly mobile, experience-focused consumers.

Q: You mentioned curated experiences—what role does personalization play in Visa’s broader consumer strategy?

Ghosh: It’s central. Personalization manifests in everything from product design to service delivery.One notable trend is the rise of co-branded cards. A decade ago, one in ten cards in India was co-branded. Today, it's closer to one in three. Whether you're a frequent flier or an avid online shopper, there’s a card tailored to your lifestyle.

We recently launched Visa Infinite Privilege with Axis Bank—the Primus card. It’s designed for ultra-HNIs and includes concierge access for everything from Michelin-starred dining to securing Coldplay concert tickets in Abu Dhabi or Taylor Swift passes in Singapore. One customer even requested a Michelin-starred restaurant that allowed infants.These requests may sound niche, but they signal a broader shift: people are willing to pay for ultra-personalized, memorable experiences.

When a brand facilitates access to those once-in-a-lifetime moments - Formula 1 races, the Olympics, exclusive dining - it becomes part of a consumer’s identity. And that's incredibly powerful.

Q: You mentioned the exponential growth India could see in the coming years. Looking ahead, what’s your timeline or outlook on when that growth might truly take off? And what will it take to get there?

Sandeep Ghosh: If I put on my business hat, we are fortunate to be operating in an economy that’s projected to grow at 6 to 6.5 percent annually. There are very few countries in the world with that kind of sustained growth outlook over the next decade or two—especially given the global macro headwinds and uncertainties.

This strong underlying momentum forms the foundation of the opportunity here. Despite India being a global leader in digital payments adoption, we’re still a 50 to 55 percent cash economy. That represents a massive opportunity—over $1.6 trillion in cash that could be displaced by digital payments in the next five to ten years.

Add to that the gap in credit access. We have 110 million credit cards in circulation, but only about 50 million unique credit cardholders. By our estimates, another 100 to 150 million people are credit-eligible. That’s a huge opportunity to democratize access to responsible credit.

Beyond consumer payments, we see significant potential in digitizing B2B and government transactions. These areas are ripe for transformation in terms of efficiency, transparency, and scale. Cross-border payments—both inbound and outbound—are another area full of friction today. They’re expensive, opaque, and cumbersome. Making them seamless and affordable is a major opportunity.

Lastly, there’s a growing need for value-added services—around data analytics, AI, fraud detection, and risk management. So, if you consider the size of these opportunities alongside the country’s economic trajectory, the potential is enormous. That’s what makes doing business in India so exciting for us.

Q: We may see more campaigns coming, then. Anything you can share with us?

Ghosh: Yes, absolutely. We’ll continue with our brand-building efforts. Looking ahead to 2026, we’re preparing for some marquee global events. The FIFA World Cup is coming up in North America, followed by the next Olympic cycle. We also have an ongoing sponsorship program with Formula 1.Beyond sports, we’re investing in gaming and music—areas that resonate deeply with younger audiences. You can expect to see us amplifying these properties more in the near future.

Q: You mentioned gaming. It’s becoming a massive industry in India—even the Prime Minister has met with gaming influencers. Is that a space you see particular opportunity in?

Ghosh: Absolutely. Gaming is a key area of focus for us.We’re tracking the ecosystem closely and are working on some unique properties and partnerships that we’ll be unveiling when the time is right. The reason is simple—if we want to stay relevant to millennials and Gen Z, we need to be present on the platforms where they spend most of their time.

Sports, music, and gaming form the core of that engagement universe. Gaming is not just entertainment anymore—it’s culture, community, and commerce. And for us, it's an exciting space to innovate in and build meaningful connections.

Q: Let’s talk about technology. AI has been around for decades, but the rise of generative AI has renewed attention. How are you leveraging emerging technologies at Visa—whether it’s to create hyper-personalized experiences, streamline operations, or shape product strategy?

Ghosh: First, I’d say we see ourselves as arguably the world’s oldest fintech. Visa has been around nearly 60 years, operating in over 200 countries. And whenever someone uses a Visa card—online or offline—the expectation is simple: it should work. Reliability is non-negotiable, and we operate with a standard of 99.999% uptime. That’s the bar we set for ourselves.

We've been in India for over 40 years and have a major role to play in the country’s digital transformation. Technology underpins everything we do—whether it's the evolution of contactless payments, tokenization, biometric authentication, or now AI and machine learning.

Specifically on AI—this isn't new to us. We've been using AI and ML for over two decades, primarily to enhance network security and prevent fraud. Over the last five to six years, we’ve invested more than $10–12 billion to strengthen network security. Just in the past 12 months, we helped prevent nearly $40 billion worth of fraudulent transactions across our platforms and partners. AI is deeply embedded in our fraud detection systems, and we provide these tools not only to banks but to merchants and ecosystem partners as well.

Then there’s the consumer experience side. We’re using technology to make payments more seamless, intuitive, and mobile-first. Contactless payments are growing quickly—whether it's tap-to-pay cards or mobile contactless using biometrics. We believe Gen Z and millennials won’t carry physical cards in the future. Their phones—with credentials securely stored and authenticated via fingerprints or facial recognition—will become their wallets. That’s where the future is headed.

India’s infrastructure for mobile contactless is still evolving, but once it's fully in place, adoption will take off rapidly. We’ve seen this in other markets, especially when players like Apple Pay enter—there’s a surge in mobile payments.

And finally, on personalization—technology plays a huge role here too. Gone are the days of generic offers. Today, it’s about precision and context. If someone is into dining, they expect dining offers—but not randomly. They want them when they’re thinking about booking a table. That’s where data and analytics come in. Our investments in this space help us deliver hyper-personalized, contextual offers—working hand-in-hand with our banking and ecosystem partners.

In short, whether it’s ensuring security, enhancing convenience, or delivering personalization—technology is absolutely central to how we operate and innovate at Visa.