India has witnessed tremendous rise in middle-class households and shift in the spending pattern of consumers that has boosted the growth of Indian payment card market, including credit, debit, and prepaid cards. This growth in turn opened enormous opportunities for card issuers, suppliers, and manufacturers, according to our new research report “Indian Payment Card Market Forecast to 2012”.
In this report, our team of expert analysts has found that the number of debit cards issued by banks grew around 33% in FY 2010 against FY 2009, and is estimated to have touched around 227.8 Million cards by the end of FY 2011. There has been a huge growth in the number of payment transaction using debit and credit cards. The future prospects of the industry looks bright because of low payment card penetration, increasing card spending, and consumer preference backed by strong governmental support.
We have also studied innovations in terms of offerings and technology in payment card industry which will bring transparency, ease, and security in the use of these cards. Increasing trend of online shopping and other benefits, like reward points and discounts, offered by merchants as well as bankers attract customers to shop using payment cards.
Our research also indicates that despite the financial turmoil and decline in credit card base, the overall trend will remain positive during the forecast period backed by increasing transaction volume, innovations, and guidelines crafted by RBI. In fact, RBI launched a domestic payment card (RuPay) and a POS switch network for issuance and acceptance of payment cards which will enhance the growth of players in the industry.
“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 covers a wide array of well examined current market trends, industrial developments, and competitive landscape to enable clients understand the current market scenario and future prospects in a better way. Besides, the report also provides a brief overview of the key market players including ICICI Bank Ltd, HDFC Bank Ltd, Citibank NA, State Bank of India, and Punjab National Bank.
The possible post-recession impact on the industry has been given due consideration and its present and future impacts have been thoroughly incorporated. Future growth areas evaluated in our research report will help our clients to gain a proper insight into the current and future outlook of payment card market in India and align their business strategies as per the changing market dynamics in the region.