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India Cards And Payments Market Transaction Value, Volumes, Historical Trends, Analysis And Forecasts (2017 -2021)

11-28-2018 05:24 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Market Data Forecast

India Cards And Payments Market

India Cards And Payments Market

The Indian cards and payments industry registered significant growth during the review period. The card payments channel grew at a CAGR of 27.05%. Changing lifestyle demographics, increased popularity of online shopping and higher disposable income per capita supported the growth of cards in circulation.

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Growth in payments infrastructure supported increased levels of card use

Many Indian banks expanded their networks of automated teller machines (ATMs) during the review period. Part of this expansion involved installing point-of-sale (POS) terminals that accept both debit and credit card payments. Nationally, these terminals registered a CAGR of 17.21% during the review period.

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Companies adopting aggressive marketing and competitive pricing strategies

With high competition in the Indian cards and payments industry, banks and issuers are developing marketing and pricing strategies to attract larger customer bases. Offers such as cashback, discounts for retail outlets, buy-one-get-one-free schemes, rewards points, increased daily limits for cash withdrawals and insurance cover are some of the most common strategies that banks are utilizing.

Banks are segmenting their customers to maximize expansion in each card category. Banks are expected to focus more on female customers, an important customer base which typically manages monthly family budgets and expenses in India. Banks such as ICICI Bank, HDFC Bank and IDBI Bank launched debit cards targeting Indian women, while State Bank of India and Axis Bank have launched debit cards for the 18–30-year-old demographic. American Express offers credit cards that are designed to meet the specific needs of corporate customers.

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India is the fourth-largest country in terms of the number of resident high net worth individuals (HNWIs). To capitalize on this growing niche segment, banks and card issuers are making a significant effort to target this group as HNWIs traditionally show a greater willingness to use non-cash payment methods such as credit, debit and prepaid cards.

RBI has also undertaken several measures to increase financial inclusion, such as facilitating no-frills accounts, general credit cards (GCCs) and Kisan credit cards (KCCs) for small deposits and credit.

About Us:
Market Data Forecast is a firm working in the areas of market research, business intelligence and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corporate clients.

For more information:
Abhishek Shukla
Sales Manager at Market Data Forecast
Email: abhishek@marketdataforecast.com
Tel: +1-888-702-9626
Website: www.marketdataforecast.com

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