Home » Financial Market, News & Current Affairs, Personal Finance » India Cards and Payments Market: Total Card Market grew at a CAGR of 25% for the period 2012 to 2014

The research report provides in depth analysis and insights into the Indian Cards and Payments Market including, strategies deployed by banks to market debit and credit cards and competitive landscape (card issuers in the country) for both debit cards and credit cards. The study includes 3 years historical market size and 6 years market forecast in terms of number of cards, value and volume of transactions processed through these cards, and other key metrics. The report also provides information on the key industry trends, major schemes, banks and detailed segmentation of card and payment industry. The research report is a new offering from the company’s Financial Services domain, and leveraged from the company’s existing cards and payments database of 50+ countries.

Explore Report with Detailed TOC on “India Cards and Payments Market at: https://www.psmarketresearch.com/market-analysis/india-cards-and-payments-market

The total number of cards in circulation increased from 333.7 million in 2012 to 520.9 million in 2014, at a CAGR of 24.9%. India’s population grew steadily from 1,243 million in 2012 to 1,275 million in 2014, and is expected to reach 1380 million by 2020. This increase in population is expected to encourage card spending over the forecast period.

In 2014, there were around 500.1 million debit cards in circulation, 29.5% of which were issued by State Bank of India, the largest player in the Indian debit card market. Punjab National Bank was the second largest player, with market share of 6.1%. In 2014, the debit card holders in India transacted 16.6 times, with an average value of INR 2,927.2, including at POS and ATM.

The debit card transaction value at ATM remained considerably higher than the transaction value at POS terminals. The transaction value of debit cards at ATM accounted for 95% of the total debit card transaction value in 2014, which states that consumers prefer using debit cards at ATMs, for higher value transactions, rather than POS terminals. Some of the key players in the debit cards market include State Bank of India, HDFC Bank, ICICI Bank, Axis Bank, Bank of Baroda, Canara Bank and Punjab national Bank.

India has the lowest credit card penetration in Asia-Pacific. The credit card market has growth potential in the country, considering the highest penetration of 2.7 cards per person in Japan, followed by Hong Kong (2.5 credit card per inhabitant) in the same region. Some of the prominent players in the Indian credit card market include HDFC Bank, Citibank, ICICI Bank, SBI and Axis Bank. In the credit card market, HDFC Bank was the leading bank in 2014, with a market share of 28.2%.

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