Cards · June 2026
How India's co-brand card market is being reshaped by RBI's new guidelines
The regulatory shift changes how banks structure their co-brand arrangements — and most programmes are not ready for what it demands.
Subtwo · Research & Advisory
Research on how money moves.
Strategy for the organisations shaping it. We study how people earn, spend, pay, save, and invest — and we turn what we find into something useful.
Latest Research
Follow the money.
Payments · May 2026
What the UPI transaction data actually tells us about how India pays
Volume numbers get the headlines. The pattern underneath them tells a more interesting story about behaviour.
Loyalty · April 2026
Loyalty programme design: what consumers actually want versus what they are offered
Primary research from 400 Indian households reveals the gap between programme design and what drives real engagement.
India Cards & Payments — Key Numbers
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Cards in circulation
RBI · FY25
0
Credit card volume growth
Worldline India · CY2025
0
UPI monthly transactions
NPCI · December 2025
What we believe
Every transaction has two sides — the one who pays and the one who receives. Every economic question has two perspectives — the institution and the individual. Subtwo exists in the space between them, working toward a single, shared understanding of how money actually moves.
— The Subtwo name, decoded
Two sides of Subtwo
Research
Our research is published first. Always. We make it available to anyone who wants to understand how money actually moves in the real world — from a founder building a payments product, to a merchant trying to understand her customers, to someone who simply wants to understand their own financial life more clearly.
Read the research →Advisory
When organisations want to go further — to turn research into decisions, and decisions into products — we work with them directly. That is the other thing we do. But it starts with the research. It always starts with the research.
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