The current economic turmoil is resulting into the lack of liquidity in the Indian market. Banks have become more cautious while issuing credit cards to consumers as the lack of liquidity could result in high delinquency rate and default credit risks. In such a scenario, banks should focus on strategies that would boost the usage of debit cards in the country, says our new research report, “Indian Payment Card Market Forecast to 2012”.
The report further says that India has seen remarkable growth in its debit card market over the past few years. The number of debit cards issued by banks grew at a CAGR of more than 43% from FY 2006 to FY 2008. However, the usage of debit cards in India is largely confined to instant withdrawal of cash from ATMs. There were over 102 Million consumers with slight more than Rs. 125 Billion debit card spending during FY 2008 compared to around 27.5 Million consumers who spent Rs. 580 Billion through credit cards in the same period.
“There is a huge potential for future growth in the Indian debit card market as consumers, to a large extent, are not comfortable with using credit cards which serves a plus point for the debit card players”, says a Senior Research Analyst at RNCOS. The industry will have to work hard to educate people about the benefits of using debit cards and will have to give some form of incentives to promote the usage of debit cards, added the Analyst.
“Indian Payment Card Market Forecast to 2012” provides analytical study of the payment card market, including debit cards and credit cards, in India. The report has thoroughly studied the impact of current economic downturn and provides unbiased data and rationale analysis of the Indian payment card market till 2012. It will help clients to identify the market trends and evaluate the leading-edge opportunities critical to the success of the payment card market.
For FREE SAMPLE of this report visit: http://www.rncos.com/Report/IM006.htm
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About RNCOS:
RNCOS, incorporated in the year 2002, is an industry research firm. We are a team of industry experts who analyze data collected from credible sources. We provide industry insights and analysis that helps corporations to take timely and accurate business decision in today’s globally competitive environment.
