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India Cards And Payments Market Research Report – Segmentation By Cards (Debit Cards, Credit Cards, Prepaid Cards), By Payment Terminals (POS And ATM's), By Payment Instruments (Credit Transfers, Direct Debit, Cheques And Payment Cards) - Transaction Value, Volumes, Historical Trends, Analysis And Forecasts (2022 to 2027)

Published: January, 2022
ID: 6684
Pages: 85
Formats: report pdf report excel report power bi report ppt

India Cards and Payments Market Overview (2022 - 2027)

With demonetization, the number of credit and debit cards in India is swiftly increasing then again debit card issuance expanded largely than credit cards. According to the Reserve Bank of India, a total number of 880 million debit cards and 30.86 million credit cards were functional in May 2017.

India accounted for an increase of approximately 0.48 million credit cards and 13.03 million debit cards between May 2016 and May 2017. The advent of different payment wallets helping customers in minimal utility payments to movie tickets to high-end e-commerce transactions.

Impacts of digitalization along with the augmented usage of card transactions across different verticals and trends providing the forecast of changes to be witnessed in the market. The intense competitive warfare between public and private banking corporations with several new schemes and policies to attract customers.

The debit and card transactions have mounted up to 84% increase with the push on cashless payments and POS transactions raised by 86% compared to 2016. Unified payment interface (UPI) provided by banks and third parties has witnessed a growth of 85%.

Increasing alternative payments in the form of mobile wallets and online payments like Paytm, Samsung Pay, Tez, Masterpass QR, Bharat QR Code, and MobiKwik.

Latest Developments in the country: 

National Payments Corporation of India (NPCI) introduced a real-time payment interface called Unified Payments Interface (UPI) in August 2016 to integrate various bank accounts of the consumer to a single application, allowing them to transfer money to others using an ID or virtual address at any time using their smartphones. So far, UPI transactions accounted for more than 300 million with the aid of around 114 banks, growing at a high rate compared to international brands like Visa and Mastercard. Mobile payment services like Paytm, MobiKwik, PhonePe, and others have integrated with UPI services to profit from its increasing demand. NPCI has also introduced an upgraded version of UPI gateway in August 2018 to encourage more consumers towards cashless transactions. The new version included additional features like a higher transaction limit (from INR100,000 ($1,566.17) to INR200,000 ($3,132.35)), option to combine overdraft accounts with the UPI, attain invoices of the payment directly to inbox before the transaction, control of deferred payments and others.

The government of India launched India Post Payments Bank (IPPB) on September 1, 2018, to encourage more rural population towards banking applications, providing similar features of traditional bank account like opening a savings or current account, transfer funds to beneficiaries, bill payments and other retail transactions. Moreover, various government benefits and subsidies, including wages will be credited directly to these accounts. Around 650 IPPB branches and 3,250 access points were introduced around the country, having a branch in every district. Also, 11,000 postmen are provided by the government to increase awareness through door-to-door banking services. The government further aims to integrate 155,000 post offices in the country with IPPB to enhance the network of banking before January 2019. Using the government introduced IPPB mobile application, consumers can manage their accounts and pay for their monthly utilities like electricity, television, mobile phone and college fees.

Furthermore, the Indian government has introduced IPPB QR payment card on September 1, 2018, to increase digital transactions, in the place of the ATM and debit cards. This feature allows in-store payments and cash withdrawals using the biometric authentication of the consumer. This payment card replaces the traditional magnetic stripe or chip with a QR code, which holds all the information about the consumer's bank account. The transactions will become more safe and secure with these cards as they use biometric scans in the place of PIN or password.

Some of the Dominating players in the Market:

  1. State Bank of India
  2. Punjab National Bank
  3. Axis Bank
  4.  HDFC Bank
  5. ICICI Bank

Report Summary:

Market Data Forecast’s 'India Cards and Payments Market’ report provides insight into various payment card market trends and growth opportunities in India along with the complete information about different types of cards in the market. It also offers an epitomized assessment of the competitors in the market, influential marketing strategies, customer purchase patterns, adopted payment methods in the e-commerce industry and significant government regulations associated with India cards and payments market. Our report kindles the hidden opportunities with reliable information about the different types of cash transactions, volumes of cardholders, market share, current accounts, growth in the number of cards, credit cards outstanding balances, transactional values, details of the issuers along with available banking schemes and futuristic analysis of overall cards and payment market in India.

Key Statistics Offered

  • Existing and future values of debit cards, charge and credit cards, and others in every market of the payment cards industry of India.
  • Information on the alternative payment options of the country, including the highlights of existing instruments like credit transfers, cheques, direct debit, and cash payments.
  • Future prospects of the online sales market in the country, along with the focus on different growth drivers and government regulations in the cards and payment industry of the country.
  • Various marketing strategies of banking and financial institutions for promoting their payment cards.

Key Questions Answered by the report:

  • What is the market size of India's Cards and Payments market?
  • What are the major operators and issuers in India?
  • What is the current state of emerging payment technologies?

Reasons to Purchase this report:

  • Track key industry trends, opportunities and threats related to India’s cards and payments market and each market within it.
  • Gain insights into the competitive landscape of card issuers for both, debit cards and pay later cards.
  • Gain insights into marketing strategies used by market players for various card types in India.
  • Gain insights into key regulations governing India’s cards and payments market.

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