Report Ocean introduces a fresh report examining the “India Credit Card Market” encompassing its size, share, growth, industry trends, and forecast up to 2030. This comprehensive analysis delves into various industry components and growth patterns that offer valuable insights for anticipating the market’s future trajectory.
The total value of credit card transactions in India is expected to reach INR 51.72 trillion by FY 2027, expanding at a compound annual growth rate (CAGR) of 39.22% during the FY 2022-2027 period.
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Credit cards are one of the earliest forms of cashless transactions that allow cardholders to borrow funds to pay for goods and services from merchants that accept card payments. The credit limit is determined based on customers’ credit score, history, and income. The credit card market is smaller than that of the debit card. In India, major players in the market include commercial banks such as State Bank of India, HDFC Bank Limited, ICICI Bank Limited, Kotak Mahindra Bank Limited, as well as international firms such as American Express and City Bank.
The volume of credit card transactions is projected to expand at a CAGR of approximately 26.43% during the same forecast period. In FY 2021, there was a significant increase in the value of credit card transactions due to a surge in the number of transactions per credit card and cardholders. The banking system reported over 1.2 million new credit card additions in November 2021.
The credit card market can be segmented based on the type of lenders. It is dominated by private banks, which have approximately 70% share in total credit card balances. The share of cards issued by private banks slowed down during the first two quarters of FY 2021 but showed a sharp growth during the last two quarters of FY 2021 and in the second and third quarter of FY 2022. It is expected to continue developing in the next few years. The share of new card originations of private banks increased in the third and fourth quarter of FY 2021 compared to the same quarters of FY 2020.
The COVID-19 pandemic has had a mixed impact on the credit card market in India. On one hand, the National Payments Corporation of India (NPCI) encouraged customers and providers of emergency services to adopt digital payment systems, ensuring the safety of contactless transactions. As a result, transactions increased to some extent. However, reduced international travel due to restrictions imposed during the 2020-2021 period negatively impacted credit card usage during that time. To attract customers and attain a competitive and robust future for the credit card market, various cost management strategies need to be adopted by issuers as revenue levers are likely to be hard to pull given that several customers are unwilling to use credit cards frequently.
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The report addresses the following key questions regarding the India Credit Card market:
- What is the expected growth rate of the market in the upcoming years and what factors are driving this growth?
- How do consumers perceive and adopt different types of India Credit Card in the market?
- How are regulatory policies and government initiatives impacting the growth of the India Credit Card market?
- What is the market share of the top 5 players in the India Credit Card market and how is it likely to change in the future?
- What are the latest technologies and innovations in the India Credit Card market and how are they shaping the industry landscape?
- How do macroeconomic factors such as inflation, GDP, and exchange rates affect the India Credit Card market?
- What are the challenges related to the supply chain and logistics that India Credit Card market players face and how are they addressing them?
- How is the changing consumer behavior and preferences influencing the dynamics of the India Credit Card market?
- What are the potential risks and uncertainties associated with investing in the India Credit Card market, and how can they be mitigated?
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of India Credit Card market revenues on a global, regional, and country level, projecting trends until 2030. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the India Credit Card market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the India Credit Card market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate India Credit Card business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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