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Noida, Uttar Pradesh, India, 2010/06/18 - "Indian Payment Card Market Forecast to 2012” report by RNCOS provides an extensive research and rational analysis along with reliable statistics of the payment card market in India.
With the continuous rise in middle class households and the shift in consumer spending pattern, the Indian payment card market, which includes both credit cards and debit cards, has been growing rapidly in the recent years. This huge demand for payment cards is providing tremendous growth opportunities for card issuers, suppliers and manufacturers, according to our new research report "Indian Payment Card Market Forecast to 2012”.
We have found that the number of debit cards issued by banks grew at a CAGR of around 40% between FY 2006 and FY 2009, and we anticipate that the future prospects of the industry will remain buoyant, owing to low payment card penetration coupled with surge in card spending due to rising income levels of the Indian population. Moreover, consumer’s preference to the use of cards over cash will boost due to its safety and easy access. Besides, there are many other benefits, like reward points and discounts, offered by merchants as well as bankers, which will lure customers to shop by their payment cards. Moreover, the increasing trend of online shopping has also provided the impetus for the growth of the industry. We have also studied the Indian payment card industry in terms of technology adoption and scope of different technologies in future.
Our research also indicates that the future growth trend, to some extent, will be impacted by the financial turmoil and credit squeeze. Nevertheless, the overall trend will remain positive over the forecast period. The baseline for the optimistic future outlook of our report is that the government has been actively supporting card usage in current years to cut the operating cost and to avoid tax delinquencies. In fact, RBI has proposed to launch a domestic payment card (India Card) and a POS switch network for issuance and acceptance of payment cards.
“Indian Payment Card Market Forecast to 2012” provides an extensive research and rational analysis along with reliable statistics of the payment card market in India. The report has thoroughly examined the current market trends, industrial developments and competitive landscape to enable clients understand the market structure and its progress in coming years. Besides this, the report also provides brief overview of the key market players including ICICI Bank Ltd, HDFC Bank Ltd, Citibank NA, State Bank of India and Punjab National Bank.
Forecast presented in the report has been done considering the possible post-recession impact on the industry. It will help clients to have proper insight into the current and future outlook of credit card market in developing economies.
RNCOS (rncos.com) specializes in Industry intelligence and creative solutions for contemporary business segments. Our professionals study and analyze the industry and its various components, with comprehensive study of the changing market behavior. Our accuracy and data precision proves beneficial in terms of pricing and time management that assist the consultants in meeting their objectives in a cost-effective and timely manner.