India Debit Cards Market To Be Fueled by Visa Segment During The Forecast Period

Rising number of government initiatives to encourage cashless transactions and adoption of digital payments are the leading factors that are expected to drive the India Debit Cards market during the forecast period.

According to TechSci Research report, “India Debit Cards Market– By Region, Competition, Forecast & Opportunities, 2029F”, The India Debit Cards market is expected to grow at faster rate during forecast period due to rapid change in payment mode and emergence of fintech companies. The market's growth is stimulated by increasing number of government initiatives, launch of contactless debit cards and rising e-commerce partnership.

The Indian government has launched several initiatives aimed at promoting digital payments, such as demonetization and the Digital India campaign. These initiatives have played a significant role in driving the growth of the debit card market in India. The growth of the Indian economy has led to an increase in card usage across the country. Debit cards are becoming more widely accepted as a payment option, which has further fueled the growth of the debit card market in India.

The point of sale (POS) is the area in a retail or supermarket shop where a customer pays for goods or services. A POS terminal is commonly used in stores to track purchases, handle credit or debit cards, and update inventory. While ATM is a self-service banking machine that is used to transfer as well as withdrawal of cash. It is used at public places to provide banking service to people.

Rupay Card was established and made available in India by NPCI in 2012. It was included into the Indian payment system in order to break the monopoly of foreign gateways like Visa and MasterCard because they are foreign or American companies and their commission is high, making the cost of the transaction exaggerated. Thus, RuPay Card can be referred to as an Indian payment gateway. It functions similarly to a Visa or Master Card and has a low commission. All Indian banks and financial institutions accept electronic payments through RuPay. 

The emergence of fintech companies in India has led to greater innovation in the financial services industry. Many of these companies are focused on digital payments and are partnering with banks to offer debit card services. Contactless payment technology is becoming popular in India, especially during COVID-19 pandemic. Debit cards with contactless payment options allow customers to make payments without the need to swipe or insert their card, making transactions faster and more convenient.

India is still a largely cash-based economy, and there is a significant portion of the population that lacks access to banking services. The growth of the debit card market in India presents an opportunity to increase financial inclusion by providing access to banking services for more people. Overall, the India debit card market is being driven by a combination of government initiatives, increasing adoption of online shopping, the growing middle class, the emergence of fintech companies, and an increase in card usage.

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The India Debit Cards Market is segmented based on service provider, payment terminals, card type, and region.

Based on service provider the market is segmented into Visa, Mastercard, RuPay, and Others (Maestro Card etc.). The Visa segment dominates the market as these debit cards are accepted widely all over the world.

Based on payment terminals the market is segmented into POS and ATMs. The Point of Sale (POS) segment will grow at a faster rate India due to growth of digital transaction in the country.

Based on card type the market is segmented into Signature, Platinum, Gold, and Others (Classic etc.).

Based on region the market is segmented into north, west, south, and east.

Key market players in the India Debit Cards market include:

• HDFC Bank Ltd.
• State Bank of India
• Punjab National Bank
• Axis Bank Limited
• ICICI Bank Limited
• IndusInd Bank Limited
• Yes Bank Limited
• Kotak Mahindra Bank Limited
• IDBI Bank Limited
• Hongkong and Shanghai Banking Corporation Limited

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“The growing demand for contactless debit card is going to boost the India Debit Cards market during the forecast period. Market leaders are constantly launching co-branded cards brands to offer debit cards with added benefits and rewards, which is expected to drive the India Debit Cards over the next few years. Additionally, increasing number of government initiatives, increasing trend of digital transaction, and expansion of ecommerce channel will positively impact the India Debit Cards during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“India Debit Cards Market, By Service Provider (Visa, Mastercard, RuPay, and Others (Maestro Card etc.)), By Payment Terminals (POS and ATMs), By Card Type (Signature, Platinum, Gold, and Others (Classic etc.)), By Region, Competition, Forecast & Opportunities, 2019-2029F”, has evaluated the future growth potential of Debit Cards market in India and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in India Debit Cards market.

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