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 user base in India reached 47 million in 2019 and is poised to grow at a brisk 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.
India Credit Cards Market
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India Credit Card Market
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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 of service 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 the credit 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.
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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.