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According to our new research report, "Indian Payment Card Market Forecast to 2012", payments through credit cards at point of sales (POS) terminals is projected to surge at a CAGR of about 19% in the next few years. The projected growth rate is significantly low compared to the previous growth of more than 30%, which has largely been hit by the current financial crisis affecting the Indian economy.

In past few years, credit card market has shown remarkable developments. Banks had issued more than 27 Million credit cards at the end of FY 2008, but the number has dropped in current fiscal as the current liquidity crunch has made banks more cautious on their move regarding credit card issuance. "Banks are reviewing their credit card limits in wake of the economic slowdown and credit crunch to reduce the possible risk of defaults to its existing and potential new customers. It doesn't mean that banks will stop issuing new cards", says a Senior Research Analyst at RNCOS.

Our report has done thorough analysis of the possible consequences of downturn on the Indian credit card market. "One should understand the fact that the credit card spending is not going to halt, but the growth will slowdown and consumers will be more cautious on their spending" says the Analyst. Consumers are still using credit cards for payment transactions. Credit card payment transactions stood at over Rs 228 Billion at the end of FY 2008. In first eight months of the FY 2009, the spending grew by more than 23% compared to the same period last fiscal, and we see double digit growth in this spending during forecasted period. 

"Indian Payment Card Market Forecast to 2012" provides extensive research and rationale analysis on the payment card market in India. Having adjusted to the current market situation, the report reveals that the number of credit card issuance is projected to grow at a CAGR of nearly 15% in the forecasted period. Various factors responsible for this future growth and possible deterioration have been thoroughly covered in the research.

For more information visit: http://www.rncos.com/Report/IM006.htm