With Only A 3% Penetration Rate, Will Credit Card Industry Sustain Growth In India? : Ken Research REQUEST FOR SAMPLE REPORT Buy Now Request For sample Report × Report Title Name Email Designation Phone No Comapny Name Comapny URL Country -- Please Select Your Country -- Afganistan Africa Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Asia Australasia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire Bosnia Herzegovina Botswana Brazil BRICS British Virgin Islands Brunei Darussalam Bulgaria Burkina Faso Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Central and South America Chad Chile China Colombia Comoros Congo Costa Rica Cote d'Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europe European Union Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Global Great Britain Greece Greenland Grenada Guadeloupe Guam Guatemala Guerney & Alderney Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Man (Island of) Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Middle East Minnesota Moldova Monaco Mongolia Monserrat Montenegro Morocco Morroco Mozambique Myanmar Namibia Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue North America North Korea Norway Oman Pakistan Palau Palestine Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa Samoa (American) San Marino Sao Tome and Principe Saudi Arabia Scandinavia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon (Islands) Somalia South Africa South Korea South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Islands Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Virgin Islands Western Sahara Yemen Zambia Zimbabwe Requirement Submit With the onset of the coronavirus pandemic, contactless payments have seen a huge spurt in demand, which has resulted in increased issuance of debit as well as credit cards in the country. Over the last few years, the credit card industry has grown significantly in India with many developments happening in the space which include various innovations and changes in technology. Credit card issuers are also making efforts to bring more innovation and awareness to the segment that will contribute to the growth of India’s credit card market. However, the adoption of credit cards has been fairly paltry across India, with only around 3% of the population having a credit card, which is way off the 30% benchmarks set by World Bank. The Indian middle class mostly has a conservative stance towards credit card usage, with belief that high fees would ultimately lead to no benefit, and hence restrain themselves to use credit cards, which is definitely not a good sign. So, will the credit card industry in India sustain its positive growth in the future? Let’s find out. 1. The financial services sector has witnessed a massive shift towards digital technology; growth is primarily driven by retail loans and increasing penetration of credit cards in the economy Request a Call with Expert to know more about the business model 2. The Credit Card Industry is currently in its growth stage, with Credit Card issuance growing at a roughly 20% CAGR over the last 5 years 3. Introduction of BNPL & increasing popularity of contactless payments post-pandemic among others is contributing to enhancing the adoption of Credit cards in the Indian Market 4. Adoption of Cashless Society coupled with adoption of usage of credit cards at Transit Systems are driving the Credit Card Industry Growth in India 5. To expand the consumer base and include NIP customers, Alternate Assessments like Employment letters, Fixed Deposits, Add-on cards, and Healthy bank balances are done 6. Though the Credit Card consumer base is at the expansion stage, there are a few challenges associated such as new regulations, and low penetration 7. However, Indian government is performing a major role in the journey of credit card adoption and helping the industry to thrive in the country with a CAGR of ~24% in the future. Some of the Intelligence Curated by Ken Research in Credit-Card Space: Asia Credit Cards Market Outlook to 2025 – By Commercial and Personal Credit Cards; By Transactions at ATM and POS Terminals; by Total Cards in Circulation; Transaction Value and Volume through Issuers and Operators; and by Countries (Japan, South Korea, India, China, Indonesia, Philippines, Singapore and Others Turkey Cards and Payments Market Outlook to 2023 – Rapid Acceptance of TROY Cards and Contactless Cards Coupled with Rising Penetration of Credit Cards to Drive Market Growth Saudi Arabia Cards and Payments Market Outlook to 2023 – Increasing Penetration of Islamic Credit Cards Coupled with Rising Preference for Online Shopping to Drive Market Growth Brazil Cards and Payment Market Outlook to 2027F By Cards (Debit Cards, Credit Cards, Prepaid Cards), By Payment Terminals (POS and ATM’s), By Payment Instruments (Credit Transfers, Direct Debit, Cheques, Cash and Payment Cards) Malaysia Buy Now Pay Later Market Outlook to 2027F Driven by Digitalization, Rising Tech-Savvy Population, Increasing M&A Deals, Partnerships between BNPL players and Banks along with shifting preference towards BNPL To Know more about this Whitepaper, Visit this link:- Indian Credit Card Industry Post Views: 195 Tags: Challenges in Indian Credit Card Market, Competitor of Credit Card Market In India, Credit Card Industry In India, Credit Card Market Growth In India, Credit Card Market In India, Credit Card Services In India, Credit Cards Market India, Demand of Indian Credit Cards Market, Emerging Players in Indian Credit Cards Market, Future Of Indian Credit Cards Market, Growth Drivers of the Indian Credit Card Industry, Growth of the Indian Credit Card Industry, India Credit Card Industry Cycle, Indian Credit Card Industry, Indian Credit Card Market, Indian Credit Card Sector, Indian Credit Card Services, Indian Credit Cards Market Analysis, Key Metrics of Credit Card Issuers in India, Leading Companies of Indian Credit Cards Market, Leading Players in Indian Credit Cards Market, Major Players in Indian Credit Cards Market, Opportunities of Indian Credit Card Market