Financial Cards and Payments in India

December 2022
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Overview:

Understand the latest market trends and future growth opportunities for the Financial Cards and Payments industry in India with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.

Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.

If you're in the Financial Cards and Payments industry in India, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.

The Financial Cards and Payments in India report includes:

  • Analysis of key supply-side and demand trends
  • Detailed segmentation of international and local products
  • Historic volume and value sizes, company and brand market shares
  • Five year forecasts of market trends and market growth
  • Robust and transparent research methodology, conducted in-country

This report answers:

  • What is the market size of Financial Cards and Payments in India?
  • What are the major trends key to understanding Financial Cards and Payments in India?
  • How has COVID-19, recession and macroeconomic volatility impacted the market?
  • How long will the market take to recover? What are the opportunities now?
  • How will political context and shifting cultural values shape future growth?
  • Where is future growth expected to be most dynamic?
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Financial Cards and Payments in India - Industry Overview

Financial cards and payments in 2022: The big picture
2022 key trends
Greater return to normality drives up commercial card transactions and use of travel-related cards
Competitive landscape
What next for financial cards and payments?
Table 1 Number of POS Terminals: Units 2017-2022
Table 2 Number of ATMs: Units 2017-2022
Table 3 Value Lost to Fraud 2017-2022
Table 4 Card Expenditure by Location 2022
Table 5 Financial Cards in Circulation by Type: % Number of Cards 2017-2022
Table 6 Domestic versus Foreign Spend 2022
Table 7 Financial Cards by Category: Number of Cards in Circulation 2017-2022
Table 8 Financial Cards by Category: Number of Accounts 2017-2022
Table 9 Financial Cards Transactions by Category: Value 2017-2022
Table 10 Financial Cards by Category: Number of Transactions 2017-2022
Table 11 Consumer Payments by Category: Value 2017-2022
Table 12 Consumer Payments by Category: Number of Transactions 2017-2022
Table 13 M-Commerce by Category: Value 2017-2022
Table 14 M-Commerce by Category: % Value Growth 2017-2022
Table 15 Financial Cards: Number of Cards by Issuer 2017-2021
Table 16 Financial Cards: Number of Cards by Operator 2017-2021
Table 17 Financial Cards: Card Payment Transactions Value by Operator 2017-2021
Table 18 Financial Cards: Card Payment Transactions Value by Issuer 2017-2021
Table 19 Forecast Financial Cards by Category: Number of Cards in Circulation 2022-2027
Table 20 Forecast Financial Cards by Category: Number of Accounts 2022-2027
Table 21 Forecast Financial Cards Transactions by Category: Value 2022-2027
Table 22 Forecast Financial Cards by Category: Number of Transactions 2022-2027
Table 23 Forecast Consumer Payments by Category: Value 2022-2027
Table 24 Forecast Consumer Payments by Category: Number of Transactions 2022-2027
Table 25 Forecast M-Commerce by Category: Value 2022-2027
Table 26 Forecast M-Commerce by Category: % Value Growth 2022-2027

DISCLAIMER

Summary 1 Research Sources

Charge Cards in India - Category analysis

KEY DATA FINDINGS

Charge cards remains a niche in India
Average spend per transaction remains high compared to other financial cards
American Express remains sole local issuer and operator in India in 2021
Despite further dynamic growth, penetration of charge cards in India will remain low
Consumers view credit cards as more viable option
American Express likely to explore further expansion opportunities
Table 27 Charge Cards: Number of Cards in Circulation 2017-2022
Table 28 Charge Cards Transactions 2017-2022
Table 29 Charge Cards in Circulation: % Growth 2017-2022
Table 30 Charge Cards Transactions: % Growth 2017-2022
Table 31 Personal Charge Cards: Number of Cards in Circulation 2017-2022
Table 32 Personal Charge Cards Transactions 2017-2022
Table 33 Personal Charge Cards in Circulation: % Growth 2017-2022
Table 34 Personal Charge Cards Transactions: % Growth 2017-2022
Table 35 Charge Cards: Number of Cards by Issuer 2017-2021
Table 36 Charge Cards: Number of Cards by Operator 2017-2021
Table 37 Charge Cards Payment Transaction Value by Issuer 2017-2021
Table 38 Charge Cards Payment Transaction Value by Operator 2017-2021
Table 39 Personal Charge Cards: Number of Cards by Issuer 2017-2021
Table 40 Personal Charge Cards: Number of Cards by Operator 2017-2021
Table 41 Personal Charge Cards Transaction Value by Issuer 2017-2021
Table 42 Personal Charge Cards Transaction Value by Operator 2017-2021
Table 43 Forecast Charge Cards: Number of Cards in Circulation 2022-2027
Table 44 Forecast Charge Cards Transactions 2022-2027
Table 45 Forecast Charge Cards in Circulation: % Growth 2022-2027
Table 46 Forecast Charge Cards Transactions: % Growth 2022-2027
Table 47 Forecast Personal Charge Cards: Number of Cards in Circulation 2022-2027
Table 48 Forecast Personal Charge Cards Transactions 2022-2027
Table 49 Forecast Personal Charge Cards in Circulation: % Growth 2022-2027
Table 50 Forecast Personal Charge Cards Transactions: % Growth 2022-2027

Credit Cards in India - Category analysis

KEY DATA FINDINGS

Credit cards continues to gain traction as operators entice consumers with rewards
Strong recovery for commercial credit cards in 2022
HDFC Bank Ltd remains leading local issuer, despite increasing competition
Greater access to credit cards to drive further demand
BNPL expected to become more regulated
Consumers increasingly attracted to additional benefits of credit cards
Table 51 Credit Cards: Number of Cards in Circulation 2017-2022
Table 52 Credit Cards Transactions 2017-2022
Table 53 Credit Cards in Circulation: % Growth 2017-2022
Table 54 Credit Cards Transactions: % Growth 2017-2022
Table 55 Commercial Credit Cards: Number of Cards in Circulation 2017-2022
Table 56 Commercial Credit Cards Transactions 2017-2022
Table 57 Commercial Credit Cards in Circulation: % Growth 2017-2022
Table 58 Commercial Credit Cards Transactions: % Growth 2017-2022
Table 59 Personal Credit Cards: Number of Cards in Circulation 2017-2022
Table 60 Personal Credit Cards Transactions 2017-2022
Table 61 Personal Credit Cards in Circulation: % Growth 2017-2022
Table 62 Personal Credit Cards Transactions: % Growth 2017-2022
Table 63 Credit Cards: Number of Cards by Issuer 2017-2021
Table 64 Credit Cards: Number of Cards by Operator 2017-2021
Table 65 Credit Cards Payment Transaction Value by Issuer 2017-2021
Table 66 Credit Cards Payment Transaction Value by Operator 2017-2021
Table 67 Commercial Credit Cards: Number of Cards by Issuer 2017-2021
Table 68 Commercial Credit Cards: Number of Cards by Operator 2017-2021
Table 69 Commercial Credit Cards Payment Transaction Value by Issuer 2017-2021
Table 70 Commercial Credit Cards Payment Transaction Value by Operator 2017-2021
Table 71 Personal Credit Cards: Number of Cards by Issuer 2017-2021
Table 72 Personal Credit Cards: Number of Cards by Operator 2017-2021
Table 73 Personal Credit Cards Payment Transaction Value by Issuer 2017-2021
Table 74 Personal Credit Cards Payment Transaction Value by Operator 2017-2021
Table 75 Forecast Credit Cards: Number of Cards in Circulation 2022-2027
Table 76 Forecast Credit Cards Transactions 2022-2027
Table 77 Forecast Credit Cards in Circulation: % Growth 2022-2027
Table 78 Forecast Credit Cards Transactions: % Growth 2022-2027
Table 79 Forecast Commercial Credit Cards: Number of Cards in Circulation 2022-2027
Table 80 Forecast Commercial Credit Cards Transactions 2022-2027
Table 81 Forecast Commercial Credit Cards in Circulation: % Growth 2022-2027
Table 82 Forecast Commercial Credit Cards Transactions: % Growth 2022-2027
Table 83 Forecast Personal Credit Cards: Number of Cards in Circulation 2022-2027
Table 84 Forecast Personal Credit Cards Transactions 2022-2027
Table 85 Forecast Personal Credit Cards in Circulation: % Growth 2022-2027
Table 86 Forecast Personal Credit Cards Transactions: % Growth 2022-2027

Debit Cards in India - Category analysis

KEY DATA FINDINGS

Increase in banked population helps to drive up demand for debit cards
Average spend remains elevated in 2022
RuPay remains dominant debit card in circulation
Versatility of debit cards will support further dynamic growth over forecast period
Dynamic growth of personal electronic direct/ACH transactions could hinder stronger performance by debit cards
More positive outlook for commercial debit cards
Table 87 Debit Cards: Number of Cards in Circulation 2017-2022
Table 88 Debit Cards Transactions 2017-2022
Table 89 Debit Cards in Circulation: % Growth 2017-2022
Table 90 Debit Cards Transactions: % Growth 2017-2022
Table 91 Debit Cards: Number of Cards by Issuer 2017-2021
Table 92 Debit Cards: Number of Cards by Operator 2017-2021
Table 93 Debit Cards Payment Transaction Value by Issuer 2017-2021
Table 94 Debit Cards Payment Transaction Value by Operator 2017-2021
Table 95 Forecast Debit Cards: Number of Cards in Circulation 2022-2027
Table 96 Forecast Debit Cards Transactions 2022-2027
Table 97 Forecast Debit Cards in Circulation: % Growth 2022-2027
Table 98 Forecast Debit Cards Transactions: % Growth 2022-2027

Pre-Paid Cards in India - Category analysis

KEY DATA FINDINGS

Transportation cards and merchant issued gift cards drive growth of closed loop pre-paid cards in India
Demand for travel cards benefits open loop pre-paid cards with dynamic growth
Further scope for expansion to attract unbanked population
Increase in metro connectivity to drive demand for closed loop pre-paid cards
Open loop pre-paid cards holds attractive opportunity for players
Growth of transactions via mobile wallets poses threat to pre-paid cards
Table 99 Pre-paid Cards: Number of Cards in Circulation 2017-2022
Table 100 Pre-paid Cards Transactions 2017-2022
Table 101 Pre-paid Cards in Circulation: % Growth 2017-2022
Table 102 Pre-paid Cards Transactions: % Growth 2017-2022
Table 103 Closed Loop Pre-paid Cards Transactions 2017-2022
Table 104 Closed Loop Pre-paid Cards Transactions: % Growth 2017-2022
Table 105 Open Loop Pre-paid Cards Transactions 2017-2022
Table 106 Open Loop Pre-paid Cards Transactions: % Growth 2017-2022
Table 107 Pre-paid Cards: Number of Cards by Issuer 2017-2021
Table 108 Pre-paid Cards: Number of Cards by Operator 2017-2021
Table 109 Pre-paid Cards Transaction Value by Issuer 2017-2021
Table 110 Pre-paid Cards Transaction Value by Operator 2017-2021
Table 111 Closed Loop Pre-paid Cards: Number of Cards by Issuer 2017-2021
Table 112 Closed Loop Pre-paid Cards: Number of Cards by Operator 2017-2021
Table 113 Closed Loop Pre-paid Cards Transaction Value by Issuer 2017-2021
Table 114 Closed Loop Pre-paid Cards Transaction Value by Operator 2017-2021
Table 115 Open Loop Pre-paid Cards: Number of Cards by Issuer 2017-2021
Table 116 Open Loop Pre-paid Cards: Number of Cards by Operator 2017-2021
Table 117 Open Loop Pre-paid Cards Transaction Value by Issuer 2017-2021
Table 118 Open Loop Pre-paid Cards Transaction Value by Operator 2017-2021
Table 119 Forecast Pre-paid Cards: Number of Cards in Circulation 2022-2027
Table 120 Forecast Pre-paid Cards Transactions 2022-2027
Table 121 Forecast Pre-paid Cards in Circulation: % Growth 2022-2027
Table 122 Forecast Pre-paid Cards Transactions: % Growth 2022-2027
Table 123 Forecast Closed Loop Pre-paid Cards Transactions 2022-2027
Table 124 Forecast Closed Loop Pre-paid Cards Transactions: % Growth 2022-2027
Table 125 Forecast Open Loop Pre-paid Cards Transactions 2022-2027
Table 126 Forecast Open Loop Pre-paid Cards Transactions: % Growth 2022-2027

Store Cards in India - Category analysis

2022 DEVELOPMENTS

The following categories and subcategories are included:

Financial Cards and Payments

    • ATM Cards
      • Commercial Charge Cards
      • Personal Charge Cards
      • Commercial Credit Cards
      • Personal Credit Cards
      • Commercial Debit Cards
      • Personal Debit Cards
      • Closed Loop Pre-Paid Cards
      • Open Loop Pre-Paid Cards
    • Store Cards
      • Commercial Card Payment Transactions
      • Commercial Electronic Direct/ACH Transactions
      • Commercial Paper Payment Transactions
      • Personal Card Payment Transactions
      • Personal Electronic Direct/ACH Transactions
      • Personal Paper Payment Transactions
        • Commercial Electronic Direct/ACH Transactions
        • Personal Electronic Direct/ACH Transactions
          • Commercial Cash Transactions
          • Commercial Other Paper Transactions
          • Personal Cash Transactions
          • Personal Other Paper Transactions
      • Mobile M-Commerce Proximity
      • Mobile M-Commerce Remote
    • Tablet M-Commerce
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