The number of payment cards, categorized as credit and debit cards, is rapidly increasing in India. Phenomenal growth in the number of credit and debit cards in India, during the past few years is an evidence of the aforementioned statement. Of both, debit card market in India has witnessed considerable growth during the past few years.
Debit cards are expected to further continue their spectacular growth rate. The re-carding of ATM cards into debit cards will immensely boost the current numbers. Consequently, the number of debit cards issued by banks is forecasted to surge at a CAGR of over 25% during FY 2011 – FY 2013, as per new report “Indian Payment Card Market Forecast to 2012”.
Although usage of debit cards in India has been largely confined to instant withdrawal of cash from the ATMs, they are now widely being used in POS transaction, such as bill payment at restaurants, shopping centers, grocery stores, etc. Rising number of Internet users and increasing availability of online transaction systems are also spurring the growth of debit cards’ usage in the country.
As per our report, the Indian payment card market has been segmented into debit cards, credit cards, prepaid cards, ATM networks, and POS terminals. The credit card segment is further segmented into premium credit cards and EMV credit cards. Analysis and statistics regarding market size, growth, and segmentation have been thoroughly studied in the report to present a comprehensive view of the India payment card market.
“Indian Payment Card Market Forecast to 2012” provides thorough research and rational analysis along with reliable statistics of the India payment card market. The report also provides extensive information on the traditional markets along with the emerging markets. Besides, an insight of trends prevailing in the India payment card market has been covered in the report. The report has thoroughly examined current market trends; industrial developments, and competitive landscape to enable clients understand the market structure and its progress in coming years.
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