Credit Card Market Heading for Magnificent Growth in India

According to our new research report, “Indian Payment Card Market Forecast to 2012”, the number of payment cards, categorized as credit and debit cards, is increasing rapidly in India. Phenomenal growth in the number of credit and debit cards in India, over the past few years is an evidence of the aforementioned statement. Apart from increasing consumerism, intensifying competition among card issuers and an expanding financial infrastructure will drive the future growth of the concerned market. The research found that segments, especially credit card market have been showing tremendous growth performance and emerged as a potential investment area for players.

 

With increasing number of credit card holders and rising consumer confidence regarding credit card purchase, the transaction value of credit cards in India is forecasted to increase at a CAGR of around 8% during FY 2011-2013. This growth will be largely attributed to the improving credit card payment infrastructure in the country, with most of the merchants accepting credit card payments at POS terminals. Banks have also tightened their rules of issuing credit cards on account of increasing fraud cases, which have also helped in improving the credit card infrastructure in the country.

 

However, we observed that the Indian banks dominate the retail banking market, but the scenario is completely different in the credit card market, where foreign banks have managed to capture a sizeable market share. This is mainly due to the fact that while the Reserve Bank of India has imposed several restrictions on the foreign banks, there are no such restrictions on credit card companies. HDFC, Citibank, and Standard Chartered are some of the foreign banks having significant Indian portfolios.

 

“Indian Payment Card Market Forecast to 2012”, provides an extensive research and rational analysis along with reliable statistics of the Indian payment card market. The report has thoroughly examined current market trends, industrial developments, and competitive landscape to enable clients understanding of the market structure and its progress in the coming years. Besides, the report also provides a brief overview of the key market players. Our forecast presented in the report has been carried out considering the possible post-recession impact on the industry. Further, our report has been prepared with proper insight into the current and future outlook of credit card market in India to provide enhanced knowledge about the market to our clients.