Credit Card Market expanding at a CAGR of 39.22% during the FY 2022 FY 2027 period

Quadintel published the latest research report on the Credit Card market. In order to comprehend a market holistically, a variety of factors must be evaluated, including demographics, business cycles, and microeconomic requirements that pertain precisely to the market under study. In addition, the Credit Card market study demonstrates a detailed examination of the business state, which represents creative ways for company growth, financial factors such as production value, key regions, and growth rate.

Credit card is one of the earliest modes of cashless transaction that allows 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. Commercial banks in India such as State Bank of India, HDFC Bank Limited, and ICICI Bank Limited, and Kotak Mahindra Bank Limited, as well as international firms such as American Express and City Bank are the major players in the market.

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Market insights:

The total value of credit card transactions is expected to reach INR 51.72 Trn by FY 2027, expanding at a CAGR of 39.22% during the FY 2022 FY 2027 period The volume of credit card transactions is projected to expand at a CAGR of ~26.43% during the forecast period. In FY 2021, a significant increase in the value of credit card transactions was witnessed. This rise was the result of 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.

Segment insights:

The market can be segmented based on type of lenders. It is dominated by private banks, which have ~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. It 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, as compared to the same quarters of FY 2020.

COVID-19 impact analysis:

In the wake of the pandemic, 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. Revenue levers are likely to be hard to pull as several customers are unwilling to use credit cards frequently. Therefore, various cost management strategies need to be adopted by issuers to attract customers and attain a competitive and robust future for the credit cards market.

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Table of Contents:

Market Overview
Market Definition and Scope
Market Dynamics
Market Industry Analysis
Market, Regional Analysis
Analysis of Leading Companies
Competitive Intelligence
Research Process
Market Analysis and Forecast, By Product Types
What aspects regarding the regional analysis Market are included in this report?

Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East and Africa region.
The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
The report offers detailed analysis of leading companies in the market across the globe.
It provides details of the major vendors involved in the Market including Key Players
A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and
the manufactured products is incorporated in the report.
The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.

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