Rising use of credit card for large purchases along with growing trend of e-commerce shopping to drive India credit card market through 2024
According to TechSci Research report, “India Credit Card Market By Type, By Service Providing Company, By Credit Score, By Credit Limit, By Card Type, By Benefits, Competition Forecast & Opportunities, 2014-2024”, credit card sale in India crossed 44 million in 2018 and is poised to grow at a brisk rate during forecast period as well. The growth in the market can be attributed to the fact that credit card helps to build a good credit history which can later be used for availing better interest rate on loan in future. Moreover, availability of POS devices at stores and digital push by the government in the form of campaigns such as digital India are further positively influencing the market. Additionally, owing to increasing usage of credit card in the country, financial institutions are introducing new options and are expanding their credit card portfolio.
India credit card market can be segmented based on type, service providing company, credit score, credit limit, card type, benefits and region. On the basis of service providing company, visa accounted for the largest share in 2018 and the trend is likely to continue in the forthcoming years as well on account of high penetration in the country. Based on the credit limit, upto 25K and 25-50K are the preferred credit limits by the consumers in India.
Leading companies operating in the credit card market in the country include Citibank, Barclays, Synchrony Financial, HSBC, HDFC, Axis Bank, SBI, Amex, ICICI, RBL, among others. The companies operating in the credit card market are using advanced technologies in order to make credit cards more secure. For instance, ICICI bank launched next generation cards, called as ICICI bank carbon, which allows to generate a highly secure dynamic passcode for the card.
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“Credit card allows users to make big purchases or pay bills, offers rewards in the form of discounts or points and reduces the need to carry cash. All these benefits of credit cards are pushing their demand across India. Additionally, the use of a credit card over time helps to build better credit history, qualifying the user for better interest rates and other financial benefits.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
According to TechSci Research report “India Credit Card Market By Type, By Service Providing Company, By Credit Score, By Credit Limit, By Card Type, By Benefits, Competition Forecast & Opportunities, 2014-2024” has analyzed the potential of credit card market across the country, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by India credit card market.