Visa Segment to Lead India Credit Card Market During Forecast Period
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.
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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.
“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.
Contact
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