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Country Report

Financial Cards and Payments in

Financial Cards and Payments in India

Nov 2020

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Executive Summary

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COVID-19 impact on consumer payments

The strict measures taken to control the spread of COVID-19 in India, including a nationwide lockdown, has taken a heavy toll on the country’s economy with trade, transport and construction all being badly hit. The lockdown disproportionately hit small businesses with limited cashflow, with this impacting supply and distribution chains.

COVID-19 country impact

India’s lockdown came into effect from 25 March 2020. All forms of movement were restricted for consumers apart from those classified as essential workers, including medical workers, the police and grocery shop owners.

COVID-19 supporting the push towards a cashless society

The government of India has been actively pursuing a move towards a cashless society, with COVID-19 providing further impetus to pursue this agenda. Through 2020 the government has been promoting digital payments and card payments as a way to prevent the spread of COVID-19.

India’s evolving digital economy

India has traditionally been a cash economy, with cash accounting for most consumer payment transactions. However, digital transactions have been rising rapidly in number, on the back of a concerted drive by the government to promote digital payments, especially by strengthening the country’s card payment infrastructure and the introduction of mobile payment apps.

Themed heading 4

In response to COVID-19 bank lenders and card providers have been looking for ways to support existing customers while also looking to offer benefits and deals to attract new ones. The government increased the moratorium period on credit and charge card repayments to support customers who were unable to clear their debt due to COVID-19, with some lenders providing this service automatically.

What next for consumer payments?

Providing COVID-19 can be contained then card payments should rebound fairly swiftly in 2021, with transactions still strongly reliant on travel and entertainment for value gains. With the number of POS terminals having expanded significantly over the review period it is becoming easier to pay for goods by card even outside of the major cities which should support a rise in high frequency low-value transactions, as well as purchases of big ticket items.

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Overview

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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.

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Overview

Discover the latest market trends and uncover sources of future market growth for the Financial Cards and Payments industry in India with research from Euromonitor's team of in-country analysts.

Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.

If you're in the Financial Cards and Payments industry in India, our research will save you time and money while empowering you to make informed, profitable decisions.

The Financial Cards and Payments in India market research report includes:

Analysis of key supply-side and demand trends
Historic volumes and values, company and brand market shares
Five year forecasts of market trends and market growth
Robust and transparent market research methodology, conducted in-country

Our market research reports answer questions such as:

What is the market size of Financial Cards and Payments in India?
What are the major operators and issuers in India?
How will regulation impact the market?
What is the current state of emerging payment technologies such as mobile commerce?

Why buy this report?

Gain competitive intelligence about market leaders
Track key industry trends, opportunities and threats
Inform your marketing, brand, strategy and market development, sales and supply functions

Euromonitor’s industry reports, including Financial Cards and Payments in India, originate from our database within our Consumer Finance market share and market size database, Passport, a platform which analyses Consumer Finance in 46 countries and globally.

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Financial Cards and Payments in India - Industry Overview

EXECUTIVE SUMMARY

COVID-19 impact on consumer payments

COVID-19 country impact

COVID-19 supporting the push towards a cashless society

India’s evolving digital economy

Themed heading 4

What next for consumer payments?

MARKET INDICATORS

Table 1 Number of POS Terminals: Units 2015-2020
Table 2 Number of ATMs: Units 2015-2020
Table 3 Value Lost to Fraud 2015-2020
Table 4 Card Expenditure by Location 2020
Table 5 Financial Cards in Circulation by Type: % Number of Cards 2015-2020
Table 6 Domestic versus Foreign Spend 2020

MARKET DATA

Table 7 Financial Cards by Category: Number of Cards in Circulation 2015-2020
Table 8 Financial Cards by Category: Number of Accounts 2015-2020
Table 9 Financial Cards Transactions by Category: Value 2015-2020
Table 10 Financial Cards by Category: Number of Transactions 2015-2020
Table 11 Consumer Payments by Category: Value 2015-2020
Table 12 Consumer Payments by Category: Number of Transactions 2015-2020
Table 13 M-Commerce by Category: Value 2015-2020
Table 14 M-Commerce by Category: % Value Growth 2015-2020
Table 15 Financial Cards: Number of Cards by Issuer 2015-2019
Table 16 Financial Cards: Number of Cards by Operator 2015-2019
Table 17 Financial Cards: Card Payment Transactions Value by Operator 2015-2019
Table 18 Financial Cards: Card Payment Transactions Value by Issuer 2015-2019
Table 19 Forecast Financial Cards by Category: Number of Cards in Circulation 2020-2025
Table 20 Forecast Financial Cards by Category: Number of Accounts 2020-2025
Table 21 Forecast Financial Cards Transactions by Category: Value 2020-2025
Table 22 Forecast Financial Cards by Category: Number of Transactions 2020-2025
Table 23 Forecast Consumer Payments by Category: Value 2020-2025
Table 24 Forecast Consumer Payments by Category: Number of Transactions 2020-2025
Table 25 Forecast M-Commerce by Category: Value 2020-2025
Table 26 Forecast M-Commerce by Category: % Value Growth 2020-2025

DISCLAIMER

GLOBAL MACROECONOMIC ENVIRONMENT

GLOBAL INDUSTRY ENVIRONMENT

SOURCES

Summary 1 Research Sources

Charge Cards in India - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Reduced spending on big ticket items hits charge cards

COVID-19 restrictions hit travel and dining expenditure

Travel restrictions make it hard for American Express to attract new customers

RECOVERY AND OPPORTUNITIES

American Express eyes further opportunities for growth

Shop Small comes to India offering opportunities for growth

Financial and travel constraints could act as a barrier to growth

CATEGORY DATA

Table 27 Charge Cards: Number of Cards in Circulation 2015-2020
Table 28 Charge Cards Transactions 2015-2020
Table 29 Charge Cards in Circulation: % Growth 2015-2020
Table 30 Charge Cards Transactions: % Growth 2015-2020
Table 31 Personal Charge Cards: Number of Cards in Circulation 2015-2020
Table 32 Personal Charge Cards Transactions 2015-2020
Table 33 Personal Charge Cards in Circulation: % Growth 2015-2020
Table 34 Personal Charge Cards Transactions: % Growth 2015-2020
Table 35 Charge Cards: Number of Cards by Issuer 2015-2019
Table 36 Charge Cards: Number of Cards by Operator 2015-2019
Table 37 Charge Cards Payment Transaction Value by Issuer 2015-2019
Table 38 Charge Cards Payment Transaction Value by Operator 2015-2019
Table 39 Personal Charge Cards: Number of Cards by Issuer 2015-2019
Table 40 Personal Charge Cards: Number of Cards by Operator 2015-2019
Table 41 Personal Charge Cards Transaction Value by Issuer 2015-2019
Table 42 Personal Charge Cards Transaction Value by Operator 2015-2019
Table 43 Forecast Charge Cards: Number of Cards in Circulation 2020-2025
Table 44 Forecast Charge Cards Transactions 2020-2025
Table 45 Forecast Charge Cards in Circulation: % Growth 2020-2025
Table 46 Forecast Charge Cards Transactions: % Growth 2020-2025
Table 47 Forecast Personal Charge Cards: Number of Cards in Circulation 2020-2025
Table 48 Forecast Personal Charge Cards Transactions 2020-2025
Table 49 Forecast Personal Charge Cards in Circulation: % Growth 2020-2025
Table 50 Forecast Personal Charge Cards Transactions: % Growth 2020-2025

Credit Cards in India - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Credit card spending down as travel and eating out is put on hold

With non-essential travel suspended commercial credit cards take a hit

Credit cards suffers as consumers exercise caution

RECOVERY AND OPPORTUNITIES

Credit cards faces bright future as lenders encourage uptake

Spending on credit cards expected to overtake spending on debit cards in value terms

Spending set to resume from 2021 but challenges remain

CATEGORY DATA

Table 51 Credit Cards: Number of Cards in Circulation 2015-2020
Table 52 Credit Cards Transactions 2015-2020
Table 53 Credit Cards in Circulation: % Growth 2015-2020
Table 54 Credit Cards Transactions: % Growth 2015-2020
Table 55 Commercial Credit Cards: Number of Cards in Circulation 2015-2020
Table 56 Commercial Credit Cards Transactions 2015-2020
Table 57 Commercial Credit Cards in Circulation: % Growth 2015-2020
Table 58 Commercial Credit Cards Transactions: % Growth 2015-2020
Table 59 Personal Credit Cards: Number of Cards in Circulation 2015-2020
Table 60 Personal Credit Cards Transactions 2015-2020
Table 61 Personal Credit Cards in Circulation: % Growth 2015-2020
Table 62 Personal Credit Cards Transactions: % Growth 2015-2020
Table 63 Credit Cards: Number of Cards by Issuer 2015-2019
Table 64 Credit Cards: Number of Cards by Operator 2015-2019
Table 65 Credit Cards Payment Transaction Value by Issuer 2015-2019
Table 66 Credit Cards Payment Transaction Value by Operator 2015-2019
Table 67 Commercial Credit Cards: Number of Cards by Issuer 2015-2019
Table 68 Commercial Credit Cards: Number of Cards by Operator 2015-2019
Table 69 Commercial Credit Cards Payment Transaction Value by Issuer 2015-2019
Table 70 Commercial Credit Cards Payment Transaction Value by Operator 2015-2019
Table 71 Personal Credit Cards: Number of Cards by Issuer 2015-2019
Table 72 Personal Credit Cards: Number of Cards by Operator 2015-2019
Table 73 Personal Credit Cards Payment Transaction Value by Issuer 2015-2019
Table 74 Personal Credit Cards Payment Transaction Value by Operator 2015-2019
Table 75 Forecast Credit Cards: Number of Cards in Circulation 2020-2025
Table 76 Forecast Credit Cards Transactions 2020-2025
Table 77 Forecast Credit Cards in Circulation: % Growth 2020-2025
Table 78 Forecast Credit Cards Transactions: % Growth 2020-2025
Table 79 Forecast Commercial Credit Cards: Number of Cards in Circulation 2020-2025
Table 80 Forecast Commercial Credit Cards Transactions 2020-2025
Table 81 Forecast Commercial Credit Cards in Circulation: % Growth 2020-2025
Table 82 Forecast Commercial Credit Cards Transactions: % Growth 2020-2025
Table 83 Forecast Personal Credit Cards: Number of Cards in Circulation 2020-2025
Table 84 Forecast Personal Credit Cards Transactions 2020-2025
Table 85 Forecast Personal Credit Cards in Circulation: % Growth 2020-2025
Table 86 Forecast Personal Credit Cards Transactions: % Growth 2020-2025

Debit Cards in India - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Commercial debit cards see drop in usage due to home working and online meetings

Economic uncertainty sees consumers curbing their spending

Consumers switch from cash to card to avoid the spread of COVID-19

RECOVERY AND OPPORTUNITIES

Debit cards still has room for growth

India’s government pushing towards a cashless economy

Digital wallets could impede stronger growth in debit cards

CATEGORY DATA

Table 87 Debit Cards: Number of Cards in Circulation 2015-2020
Table 88 Debit Cards Transactions 2015-2020
Table 89 Debit Cards in Circulation: % Growth 2015-2020
Table 90 Debit Cards Transactions: % Growth 2015-2020
Table 91 Debit Cards: Number of Cards by Issuer 2015-2019
Table 92 Debit Cards: Number of Cards by Operator 2015-2019
Table 93 Debit Cards Payment Transaction Value by Issuer 2015-2019
Table 94 Debit Cards Payment Transaction Value by Operator 2015-2019
Table 95 Forecast Debit Cards: Number of Cards in Circulation 2020-2025
Table 96 Forecast Debit Cards Transactions 2020-2025
Table 97 Forecast Debit Cards in Circulation: % Growth 2020-2025
Table 98 Forecast Debit Cards Transactions: % Growth 2020-2025

Pre-Paid Cards in India - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Disruption to public transport puts a dent in closed loop pre-paid card transactions

Closure of educational institutions curbs the use of open loop pre-paid cards

Postponement of foreign travel and celebrations provides another blow to sales

RECOVERY AND OPPORTUNITIES

Public transport key to the recovery of closed loop pre-paid cards

Flexibility of open loop pre-paid cards offers greater potential

Economic uncertainty and alternative product options cast a cloud on the future of pre-paid cards

CATEGORY DATA

Table 99 Pre-paid Cards: Number of Cards in Circulation 2015-2020
Table 100 Pre-paid Cards Transactions 2015-2020
Table 101 Pre-paid Cards in Circulation: % Growth 2015-2020
Table 102 Pre-paid Cards Transactions: % Growth 2015-2020
Table 103 Closed Loop Pre-paid Cards Transactions 2015-2020
Table 104 Closed Loop Pre-paid Cards Transactions: % Growth 2015-2020
Table 105 Open Loop Pre-paid Cards Transactions 2015-2020
Table 106 Open Loop Pre-paid Cards Transactions: % Growth 2015-2020
Table 107 Pre-paid Cards: Number of Cards by Issuer 2015-2019
Table 108 Pre-paid Cards: Number of Cards by Operator 2015-2019
Table 109 Pre-paid Cards Transaction Value by Issuer 2015-2019
Table 110 Pre-paid Cards Transaction Value by Operator 2015-2019
Table 111 Closed Loop Pre-paid Cards: Number of Cards by Issuer 2015-2019
Table 112 Closed Loop Pre-paid Cards: Number of Cards by Operator 2015-2019
Table 113 Closed Loop Pre-paid Cards Transaction Value by Issuer 2015-2019
Table 114 Closed Loop Pre-paid Cards Transaction Value by Operator 2015-2019
Table 115 Open Loop Pre-paid Cards: Number of Cards by Issuer 2015-2019
Table 116 Open Loop Pre-paid Cards: Number of Cards by Operator 2015-2019
Table 117 Open Loop Pre-paid Cards Transaction Value by Issuer 2015-2019
Table 118 Open Loop Pre-paid Cards Transaction Value by Operator 2015-2019
Table 119 Forecast Pre-paid Cards: Number of Cards in Circulation 2020-2025
Table 120 Forecast Pre-paid Cards Transactions 2020-2025
Table 121 Forecast Pre-paid Cards in Circulation: % Growth 2020-2025
Table 122 Forecast Pre-paid Cards Transactions: % Growth 2020-2025
Table 123 Forecast Closed Loop Pre-paid Cards Transactions 2020-2025
Table 124 Forecast Closed Loop Pre-paid Cards Transactions: % Growth 2020-2025
Table 125 Forecast Open Loop Pre-paid Cards Transactions 2020-2025
Table 126 Forecast Open Loop Pre-paid Cards Transactions: % Growth 2020-2025

Megatrends

Country Report

Financial Cards and Payments in India

New Report Guarantee

Executive Summary

New Report Guarantee

COVID-19 impact on consumer payments

COVID-19 country impact

COVID-19 supporting the push towards a cashless society

India’s evolving digital economy

Themed heading 4

What next for consumer payments?

Overview

Why buy this report?

Samples (FAQs about samples):

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Table of Contents

Financial Cards and Payments in India - Industry Overview

EXECUTIVE SUMMARY

COVID-19 impact on consumer payments

COVID-19 country impact

COVID-19 supporting the push towards a cashless society

India’s evolving digital economy

Themed heading 4

What next for consumer payments?

MARKET INDICATORS

MARKET DATA

DISCLAIMER

GLOBAL MACROECONOMIC ENVIRONMENT

GLOBAL INDUSTRY ENVIRONMENT

SOURCES

Charge Cards in India - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Reduced spending on big ticket items hits charge cards

COVID-19 restrictions hit travel and dining expenditure

Travel restrictions make it hard for American Express to attract new customers

RECOVERY AND OPPORTUNITIES

American Express eyes further opportunities for growth

Shop Small comes to India offering opportunities for growth

Financial and travel constraints could act as a barrier to growth

CATEGORY DATA

Credit Cards in India - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Credit card spending down as travel and eating out is put on hold

With non-essential travel suspended commercial credit cards take a hit

Credit cards suffers as consumers exercise caution

RECOVERY AND OPPORTUNITIES

Credit cards faces bright future as lenders encourage uptake

Spending on credit cards expected to overtake spending on debit cards in value terms

Spending set to resume from 2021 but challenges remain

CATEGORY DATA

Debit Cards in India - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Commercial debit cards see drop in usage due to home working and online meetings

Economic uncertainty sees consumers curbing their spending

Consumers switch from cash to card to avoid the spread of COVID-19

RECOVERY AND OPPORTUNITIES

Debit cards still has room for growth

India’s government pushing towards a cashless economy

Digital wallets could impede stronger growth in debit cards

CATEGORY DATA

Pre-Paid Cards in India - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Disruption to public transport puts a dent in closed loop pre-paid card transactions

Closure of educational institutions curbs the use of open loop pre-paid cards

Postponement of foreign travel and celebrations provides another blow to sales

RECOVERY AND OPPORTUNITIES

Public transport key to the recovery of closed loop pre-paid cards

Flexibility of open loop pre-paid cards offers greater potential

Economic uncertainty and alternative product options cast a cloud on the future of pre-paid cards

CATEGORY DATA

Store Cards in India - Category analysis

RECOVERY AND OPPORTUNITIES

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