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 userbase in India reached47 million in 2019 and is poised to grow at abrisk
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 48market data Figures spread
through 90Pages and an in-depth TOC on
"India Credit Card Market"
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 ofservice 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 thecredit
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.
Customers can also request for 10% free customization on
this report.
“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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