Visa to Lead India Credit Card Market until 2025
Rising use of credit card
for large purchases along with growing trend of e-commerce shopping to drive
India credit card market through 2025
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, By Region, Competition, Forecast
& Opportunities, 2025”, credit card user base in India reached 47
million in 2019 and is poised to grow at a brisk rate during forecast period as
well. Increasing 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. Moreover, growth in the market can also
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.
Browse 48 market data Figures spread
through 90 Pages and an in-depth TOC on "India Credit Card Market"
https://www.techsciresearch.com/report/india-credit-card-market/4206.html
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 2019 and the trend is likely
to continue in the forthcoming years as well. Based on the credit limit, INR 51K-2L
range is the preferred credit limit by the consumers in India.
Leading companies operating in the credit
card market in the country include HDFC Bank Ltd., SBI Cards and Payment
Services Limited, ICICI Bank Limited, Axis Bank Limited, Citibank India and
Bank of Baroda, among others. The companies operating in the credit card
market are increasingly focusing on 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, By Region, Competition, Forecast & Opportunities,
2025”
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.
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