India Credit Card Market: Service Providing Companies Analysis

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According to a report by TechSci Research titled "India Credit Card Market – Regional Analysis, Industry Size, Share, Trends, Competition, Opportunities, and Forecast, 2018-2028F," the Indian credit card market has experienced significant growth in recent years. This growth can be attributed to several factors, including increased awareness about credit cards, the availability of co-branded card offerings, the rising spending power of millennials and Gen Z, and the gradual shift towards cashless transactions. Credit cards, electronic cards issued by banks or financial institutions, facilitate purchases of goods and services both online and offline, as well as fund transfers, serving as pre-approved loans for users.

Credit cards offer a convenient way for users to make purchases and settle debts, such as utility bills, using funds from banks or financial institutions. Users can also make initial purchases and subsequent payments using credit cards, with the obligation to pay back the credit card company within a specified time frame before interest is added.

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With the onset of the holiday season, sector participants anticipate further increases in credit card spending. Many issuers have introduced special credit card offers to encourage festival spending, expecting a successful holiday season based on recent trends. In October of the previous year, expenditures during the holiday season reached the USD13.42 billion (Rs 1 trillion) mark for the first time, with the number of credit cards in the banking system exceeding 80 million.

Report Scope

In this report, the India Credit Card market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• India Credit Card Market, By Type:

• General Purpose

• Private Label

• India Credit Card Market, Service Providing Company:

• Visa

• Mastercard

• RuPay

• Others

• India Credit Card Market, Credit Score:

• 300 – 500

• 501 – 700

• 701 – 850

• Above 851

• India Credit Card Market, Credit Limit:

• Upto 25 K

• 25-50K

• 51k-2L

• 2-5L

• India Credit Card Market, Card Type:

• Base

• Signature

• Platinum

• India Credit Card Market, Benefits:

• Cashback

• Voucher

• India Credit Card Market, By Region:

• North

• West

• South

• East

The India Credit Card Market is segmented based on Type, Service Providing Company, Credit Score, Credit Limit, Card Type, Benefits, Region, and Competition. The market is further divided into General Purpose & Private Label types. The credit card market in India is expanding rapidly due to growing partnerships between banks and financial institutions, as well as collaborations with businesses across various sectors, offering discounts and offers for online shopping.

The Service Providing Company segment includes Visa, Mastercard, RuPay & Others. Visa and Mastercard dominate the credit card market, controlling 95% of all credit cards in use as of January 2022. These established relationships with banks and widespread acceptance contribute to their dominance in the market.

Key market players in the Credit Card Market of India include:

• HDFC Bank Ltd.

• SBI Cards and Payment Services Limited

• ICICI Bank Limited

• Axis Bank Limited

• Citibank India

• Bank of Baroda

• RBL Bank Ltd.

• Kotak Mahindra Bank Limited

• Punjab National Bank

• IndusInd Bank

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According to the RBI, Tier I cities account for 65% of credit card penetration, with Tier II and III cities experiencing less penetration. However, there has been a significant increase in the population of salaried customers in Tier II and III cities, necessitating targeted product propositions and customer segmentation by issuing banks.

Mr. Karan Chechi, Research Director with TechSci Research, highlights the anticipated growth of the credit card industry due to increased purchasing power, the expected economic rebound, and the expansion of credit card linkages with UPI. The report titled "India Credit Card Market, By Type, Service Providing Company, Credit Score, Credit Limit, Card Type, Benefits, Region, Competition, Forecast & Opportunities, 2018-2028F" provides insights into the future growth potential of the Indian credit card market, along with analysis of emerging trends, drivers, challenges, and opportunities.

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