India Credit Card users in 2019 were 47 million. The market is expected to expand by more than 25% in the period 2020-2025 because of the increasing popularity of credit cards and the growing trend of buying products prior to paying for them. The market for credit cards in India is less populated when compared to its debit card counterpart however, it is predicted to see significant growth over the next years. Due to the growing popularity of credit cards, banks have been now focusing on the semi-urban and urban markets in order to boost their share of the market. Here, we will discuss the India Credit Card Market Forecast, Share, Size, and Growth for 2022-2027
India Credit Card Market may be divided based on the type, a company providing services credit score limit, kind, benefits, and location. Based on the type, the credit card market is divided into general use and private segmentations. General-purpose is currently the most popular segment and is expected to remain dominant over the next few years also since general-purpose credit cards are able to be used in a wide range of shops.
The major players in India comprise HDFC Bank Ltd., SBI Cards and Payment Services Limited, ICICI Bank Limited, Axis Bank Limited, Citibank India, and Bank of Baroda as well as Bank of Baroda, among others players. Reserve Bank of India discontinued magnetic strip-based cards on November 30, 2018, on the basis of an increase in cards being cloned and skimmed.uploadarticle.com
The years considered for This Report for India Credit Card Market
- Historical Year the year of 2015-2018
- The base year is 2019
- Estimated Year: 2020
- Forecast Time 2021-2025
The objective of the study for India Card Market
- To evaluate the need for India Credit Card Market.
- To analyze and forecast the size of the credit card market across the nation.
- To define as well as forecast India Credit Card Market based on the type, the service provider business, credit rating limit, type of card, and benefits, according to region and company.
- To identify the drivers and issues in India the card industry.To determine the trends in the market and to track developments in India the credit card market.
- To determine and analyze the characteristics of the top players operating in India in the-card market.
To conduct the research, TechSci Research conducted primary as well as extensive secondary research. In the beginning, TechSci Research prepared a comprehensive listing of the card firms currently investing in the marketplace and operating within various areas across the nation.
In the following steps, TechSci Research conducted primary survey research, which comprised initial calls, emails, and more. in connection with the companies identified.
In the course of interviewing, respondents were additionally asked about their top rivals. With this method, TechSci Research was able to find companies that were not able to be identified because of limited secondary research.TechSci Research analyzed service offerings as well as regional networks and the presence in regional areas of major corporations across the nation.
TechSci Research calculated the market size of the India Credit Card Market employing a bottom-up method that included the market value of the various service companies was recorded, as were the projections for the next few years.TechSci Research sourced these values from experts in the industry and company representatives.
They then validated them externally by analyzing historical data from specific companies to calculate the market size overall.Diverse secondary sources, such as directories and databases, Reserve Bank of India, World Bank, company websites, annual reports of companies White papers, investor presentations, and Financial reports also were analyzed in the study by TechSci Research.
Key Target Audience for India Credit Card Market
- Companies that offer credit cards as well as other stakeholders
- Forums, associations, organizations, and alliances that are related to credit cards
- Authorities of the government, such as regulatory officials and policymakers
- Consulting and market research firms
The study is helpful in providing solutions to a variety of crucial questions that are vital for the industry’s stakeholders, such as India Credit Card Market and policymakers. The study will also assist them to target the expanding segments in the coming years, which will assist those involved in making decision-making regarding investments and helping to facilitate their growth.