The recent “India Credit Card Market” report by Report Ocean gathers insights and assessments through genuine consultations with key stakeholders, including CEOs, Managers, Department Heads of Suppliers, Manufacturers, and Distributors. This comprehensive study aims to thoroughly examine the global industry, target market, competition, and various influencing factors. Ask for Free Sample Report
The report on the “India Credit Card Market” conducts a data-driven quantitative analysis of the relevant industry. It utilizes research based on public records to identify significant patterns. Additionally, it provides predictions for the market sector’s growth between 2024 and 2032. The research primarily focuses on major global market manufacturers, analyzing sales volume, rates, competitive aspects, market share, and development strategies up to 2032.
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India Credit Card Market Analysis and Growth Forecast:
Credit card is one of the earliest modes of cashless transaction that allows cardholders to borrow funds to pay for goods and services from merchants that accept card payments. The credit limit is determined based on customers credit score, history, and income. The credit card market is smaller than that of the debit card. Commercial banks in India such as State Bank of India, HDFC Bank Limited, and ICICI Bank Limited, and Kotak Mahindra Bank Limited, as well as international firms such as American Express and City Bank are the major players in the market.
The total value of credit card transactions is expected to reach INR 51.72 Trillion by FY 2027, expanding at a CAGR of 39.22% during the FY 2022 to FY 2027 period The volume of credit card transactions is projected to expand at a CAGR of ~26.43% during the forecast period. In FY 2021, a significant increase in the value of credit card transactions was witnessed. This rise was the result of a surge in the number of transactions per credit card and cardholders. The banking system reported over 1.2 million new credit card additions in November 2021.
The market can be segmented based on type of lenders. It is dominated by private banks, which have ~70% share in total credit card balances. The share of cards issued by private banks slowed down during the first two quarters of FY 2021. It showed a sharp growth during the last two quarters of FY 2021 and in the second and third quarter of FY 2022. It is expected to continue developing in the next few years. The share of new card originations of private banks increased in the third and fourth quarter of FY 2021, as compared to the same quarters of FY 2020.
COVID-19 impact analysis:
In the wake of the pandemic, the National Payments Corporation of India (NPCI) encouraged customers and providers of emergency services to adopt digital payment systems, ensuring the safety of contactless transactions. As a result, transactions increased to some extent. However, reduced international travel due to restrictions imposed during the 2020-2021 period negatively impacted credit card usage during that time. Revenue levers are likely to be hard to pull as several customers are unwilling to use credit cards frequently. Therefore, various cost management strategies need to be adopted by issuers to attract customers and attain a competitive and robust future for the credit cards market.
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Market Synopsis: This section encapsulates the present market scenario and outlines the industry’s scope. It includes a comprehensive analysis of key segments such as product types, applications, and regions, with revenue and sales forecasts provided as part of this overview.
Competitive Landscape: Illuminating the market’s competitive terrain, this section presents an in-depth analysis of manufacturers, offering insights into individual players’ revenue and sales figures. Additionally, it encompasses noteworthy details on mergers, acquisitions, and industry investments.
Regional Analysis: Providing an overview of market revenue, sales, and shares across major regions and sub-regions, this segment also explores the pricing structure, sales growth rate, and other crucial estimations.
Company Profiles: This section provides strategic business insights about key firms operating within the market landscape. It covers product specifications, revenue shares, and portfolios of these major companies.
The Analysis Objectives of the Report are:
To determine the size of the Market by identifying its sub-segments.
To research the key players and analyze their growth strategies.
To assess the size and value of the Market based on key regions.
To analyze the Market in terms of growth trends, potential, and participation in the overall sector.
To investigate the Market size (volume and value) from the company, key regions/countries, goods and applications, and background data.
Primary Market manufacturers to specify, clarify, and analyze the product sales volume, value, market share, market rivalry landscape, SWOT analysis, and future development plans.
To investigate market competitive developments such as market expansions, agreements, new product launches, and acquisitions.
What is new in 2024?
– Major developments that can change the business landscape as well as market forecasts.
– Addition/refinement in segmentation–Increase in depth or width of segmentation of the market.
– Coverage of new market players and change in the market share of existing players of the market.
– Updated financial information and product portfolios of players operating in the market.
– Updated market developments of the profiled players.
– Any new data points/analysis (frameworks) which was not present in the previous version of the report
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