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Country Report

Financial Cards and Payments in

Financial Cards and Payments in India

Dec 2019

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Executive Summary

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If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE!

India’s financial cards market thrives as banking population soars

Financial card transactions have posted healthy growth over recent years, following the government’s demonetisation initiative in November 2016, supported by the ongoing financial inclusion drive. Huge numbers of new bank accounts have been opened under the Pradhan Mantri Jan Dhan Yojana initiative in semi-urban and rural areas, many new debit cards have been issued to account holders and the government has pushed the installation of new POS terminals by banks.

Digital payment adoption continues at pace

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.

The open loop expands in pre-paid cards

Closed loop pre-paid cards have been in existence for many years in the form of merchant-issued gift cards usable only at the merchant’s own stores. Transportation smart cards and meal cards were other types of popular pre-paid cards.

RuPay leads the way to a carded society

RuPay was launched in 2012 by the National Payments Corp of India (NPCI) and is currently the largest debit card operator in terms of cards in circulation in the country, ahead of Mastercard and Visa. In 2018-2019, the homegrown player even increased its lead over Mastercard and Visa in terms of cards in circulation, while even its value sales saw a significant rise in 2018.

Mobile wallets are emerging

Mobile payments have been growing due to the introduction of the BHIM UPI app by the government, integration of this app into other mobile wallets and wider access to smartphones and mobile broadband. Despite the growth in mobile payments, card transactions remain the biggest driver of cashless transactions.

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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

India’s financial cards market thrives as banking population soars

Digital payment adoption continues at pace

The open loop expands in pre-paid cards

RuPay leads the way to a carded society

Mobile wallets are emerging

MARKET INDICATORS

Table 1 Number of POS Terminals: Units 2014-2019
Table 2 Number of ATMs: Units 2014-2019
Table 3 Value Lost to Fraud 2014-2019
Table 4 Card Expenditure by Location 2019
Table 5 Financial Cards in Circulation by Type: % Number of Cards 2014-2019
Table 6 Domestic versus Foreign Spend 2019

MARKET DATA

Table 7 Financial Cards by Category: Number of Cards in Circulation 2014-2019
Table 8 Financial Cards by Category: Number of Accounts 2014-2019
Table 9 Financial Cards Transactions by Category: Value 2014-2019
Table 10 Financial Cards by Category: Number of Transactions 2014-2019
Table 11 Consumer Payments by Category: Value 2014-2019
Table 12 Consumer Payments by Category: Number of Transactions 2014-2019
Table 13 M-Commerce by Category: Value 2014-2019
Table 14 M-Commerce by Category: % Value Growth 2014-2019
Table 15 Financial Cards: Number of Cards by Issuer 2014-2018
Table 16 Financial Cards: Number of Cards by Operator 2014-2018
Table 17 Financial Cards: Card Payment Transactions Value by Operator 2014-2018
Table 18 Financial Cards: Card Payment Transactions Value by Issuer 2014-2018
Table 19 Forecast Financial Cards by Category: Number of Cards in Circulation 2019-2024
Table 20 Forecast Financial Cards by Category: Number of Accounts 2019-2024
Table 21 Forecast Financial Cards Transactions by Category: Value 2019-2024
Table 22 Forecast Financial Cards by Category: Number of Transactions 2019-2024
Table 23 Forecast Consumer Payments by Category: Value 2019-2024
Table 24 Forecast Consumer Payments by Category: Number of Transactions 2019-2024
Table 25 Forecast M-Commerce by Category: Value 2019-2024
Table 26 Forecast M-Commerce by Category: % Value Growth 2019-2024

SOURCES

Summary 1 Research Sources

Charge Cards in India - Category analysis

HEADLINES

PROSPECTS

A limited albeit growing consumer base for charge cards

COMPETITIVE LANDSCAPE

American Express remains in sole charge

CATEGORY DATA

Table 27 Charge Cards: Number of Cards in Circulation 2014-2019
Table 28 Charge Cards Transactions 2014-2019
Table 29 Charge Cards in Circulation: % Growth 2014-2019
Table 30 Charge Cards Transactions: % Growth 2014-2019
Table 31 Personal Charge Cards: Number of Cards in Circulation 2014-2019
Table 32 Personal Charge Cards Transactions 2014-2019
Table 33 Personal Charge Cards in Circulation: % Growth 2014-2019
Table 34 Personal Charge Cards Transactions: % Growth 2014-2019
Table 35 Charge Cards: Number of Cards by Issuer 2014-2018
Table 36 Charge Cards: Number of Cards by Operator 2014-2018
Table 37 Charge Cards Payment Transaction Value by Issuer 2014-2018
Table 38 Charge Cards Payment Transaction Value by Operator 2014-2018
Table 39 Personal Charge Cards: Number of Cards by Issuer 2014-2018
Table 40 Personal Charge Cards: Number of Cards by Operator 2014-2018
Table 41 Personal Charge Cards Transaction Value by Issuer 2014-2018
Table 42 Personal Charge Cards Transaction Value by Operator 2014-2018
Table 43 Forecast Charge Cards: Number of Cards in Circulation 2019-2024
Table 44 Forecast Charge Cards Transactions 2019-2024
Table 45 Forecast Charge Cards in Circulation: % Growth 2019-2024
Table 46 Forecast Charge Cards Transactions: % Growth 2019-2024
Table 47 Forecast Commercial Charge Cards: Number of Cards in Circulation 2019-2024
Table 48 Forecast Commercial Charge Cards Transactions 2019-2024
Table 49 Forecast Personal Charge Cards: Number of Cards in Circulation 2019-2024
Table 50 Forecast Personal Charge Cards Transactions 2019-2024
Table 51 Forecast Personal Charge Cards in Circulation: % Growth 2019-2024
Table 52 Forecast Personal Charge Cards Transactions: % Growth 2019-2024

Credit Cards in India - Category analysis

HEADLINES

PROSPECTS

High personal and commercial demand fuels hike in credit card ownership

Credit card usage is more common at the POS

The future looks bright for credit cards

COMPETITIVE LANDSCAPE

HDFC provides Indians’ best flexible friend

Visa and Mastercard have a local rival in RuPay

The draw of co-branding grows

CATEGORY DATA

Table 53 Credit Cards: Number of Cards in Circulation 2014-2019
Table 54 Credit Cards Transactions 2014-2019
Table 55 Credit Cards in Circulation: % Growth 2014-2019
Table 56 Credit Cards Transactions: % Growth 2014-2019
Table 57 Commercial Credit Cards: Number of Cards in Circulation 2014-2019
Table 58 Commercial Credit Cards Transactions 2014-2019
Table 59 Commercial Credit Cards in Circulation: % Growth 2014-2019
Table 60 Commercial Credit Cards Transactions: % Growth 2014-2019
Table 61 Personal Credit Cards: Number of Cards in Circulation 2014-2019
Table 62 Personal Credit Cards Transactions 2014-2019
Table 63 Personal Credit Cards in Circulation: % Growth 2014-2019
Table 64 Personal Credit Cards Transactions: % Growth 2014-2019
Table 65 Credit Cards: Number of Cards by Issuer 2014-2018
Table 66 Credit Cards: Number of Cards by Operator 2014-2018
Table 67 Credit Cards Payment Transaction Value by Issuer 2014-2018
Table 68 Credit Cards Payment Transaction Value by Operator 2014-2018
Table 69 Commercial Credit Cards: Number of Cards by Issuer 2014-2018
Table 70 Commercial Credit Cards: Number of Cards by Operator 2014-2018
Table 71 Commercial Credit Cards Payment Transaction Value by Issuer 2014-2018
Table 72 Commercial Credit Cards Payment Transaction Value by Operator 2014-2018
Table 73 Personal Credit Cards: Number of Cards by Issuer 2014-2018
Table 74 Personal Credit Cards: Number of Cards by Operator 2014-2018
Table 75 Personal Credit Cards Payment Transaction Value by Issuer 2014-2018
Table 76 Personal Credit Cards Payment Transaction Value by Operator 2014-2018
Table 77 Forecast Credit Cards: Number of Cards in Circulation 2019-2024
Table 78 Forecast Credit Cards Transactions 2019-2024
Table 79 Forecast Credit Cards in Circulation: % Growth 2019-2024
Table 80 Forecast Credit Cards Transactions: % Growth 2019-2024
Table 81 Forecast Commercial Credit Cards: Number of Cards in Circulation 2019-2024
Table 82 Forecast Commercial Credit Cards Transactions 2019-2024
Table 83 Forecast Commercial Credit Cards in Circulation: % Growth 2019-2024
Table 84 Forecast Commercial Credit Cards Transactions: % Growth 2019-2024
Table 85 Forecast Personal Credit Cards: Number of Cards in Circulation 2019-2024
Table 86 Forecast Personal Credit Cards Transactions 2019-2024
Table 87 Forecast Personal Credit Cards in Circulation: % Growth 2019-2024
Table 88 Forecast Personal Credit Cards Transactions: % Growth 2019-2024

Debit Cards in India - Category analysis

HEADLINES

PROSPECTS

Government leads the surge in India’s banked population

Plastic usage is on the rise but it seems cash remains indispensable

More Indians will access debit cards, while contactless payments will grow

COMPETITIVE LANDSCAPE

SBI is the most inclusive player, driving up debit card performance

Homegrown RuPay competes strongly with the international cards

Cards from private banks see the most retail therapy

CATEGORY DATA

Table 89 Debit Cards: Number of Cards in Circulation 2014-2019
Table 90 Debit Cards Transactions 2014-2019
Table 91 Debit Cards in Circulation: % Growth 2014-2019
Table 92 Debit Cards Transactions: % Growth 2014-2019
Table 93 Debit Cards: Number of Cards by Issuer 2014-2018
Table 94 Debit Cards: Number of Cards by Operator 2014-2018
Table 95 Debit Cards Payment Transaction Value by Issuer 2014-2018
Table 96 Debit Cards Payment Transaction Value by Operator 2014-2018
Table 97 Forecast Debit Cards: Number of Cards in Circulation 2019-2024
Table 98 Forecast Debit Cards Transactions 2019-2024
Table 99 Forecast Debit Cards in Circulation: % Growth 2019-2024
Table 100 Forecast Debit Cards Transactions: % Growth 2019-2024

Pre-Paid Cards in India - Category analysis

HEADLINES

PROSPECTS

Pre-paid cards are set to travel further in India

Open loop pre-paid cards proliferate as cashless trend strengthens

Journeys by rail become smarter, boosting transportation and travel cards

COMPETITIVE LANDSCAPE

ItzCash has a good spread of products

More consumers want to be kept in the open loop

CATEGORY DATA

Table 101 Pre-paid Cards: Number of Cards in Circulation 2014-2019
Table 102 Pre-paid Cards Transactions 2014-2019
Table 103 Pre-paid Cards in Circulation: % Growth 2014-2019
Table 104 Pre-paid Cards Transactions: % Growth 2014-2019
Table 105 Closed Loop Pre-paid Cards Transactions 2014-2019
Table 106 Closed Loop Pre-paid Cards Transactions: % Growth 2014-2019
Table 107 Open Loop Pre-paid Cards Transactions 2014-2019
Table 108 Open Loop Pre-paid Cards Transactions: % Growth 2014-2019
Table 109 Pre-paid Cards: Number of Cards by Issuer 2014-2018
Table 110 Pre-paid Cards: Number of Cards by Operator 2014-2018
Table 111 Pre-paid Cards Transaction Value by Issuer 2014-2018
Table 112 Pre-paid Cards Transaction Value by Operator 2014-2018
Table 113 Closed Loop Pre-paid Cards: Number of Cards by Issuer 2014-2018
Table 114 Closed Loop Pre-paid Cards: Number of Cards by Operator 2014-2018
Table 115 Closed Loop Pre-paid Cards Transaction Value by Issuer 2014-2018
Table 116 Closed Loop Pre-paid Cards Transaction Value by Operator 2014-2018
Table 117 Open Loop Pre-paid Cards: Number of Cards by Issuer 2014-2018
Table 118 Open Loop Pre-paid Cards: Number of Cards by Operator 2014-2018
Table 119 Open Loop Pre-paid Cards Transaction Value by Issuer 2014-2018
Table 120 Open Loop Pre-paid Cards Transaction Value by Operator 2014-2018
Table 121 Forecast Pre-paid Cards: Number of Cards in Circulation 2019-2024
Table 122 Forecast Pre-paid Cards Transactions 2019-2024
Table 123 Forecast Pre-paid Cards in Circulation: % Growth 2019-2024
Table 124 Forecast Pre-paid Cards Transactions: % Growth 2019-2024
Table 125 Forecast Closed Loop Pre-paid Cards Transactions 2019-2024
Table 126 Forecast Closed Loop Pre-paid Cards Transactions: % Growth 2019-2024
Table 127 Forecast Open Loop Pre-paid Cards Transactions 2019-2024
Table 128 Forecast Open Loop Pre-paid Cards Transactions: % Growth 2019-2024

Megatrends

Country Report

Financial Cards and Payments in India

New Report Guarantee

Executive Summary

New Report Guarantee

India’s financial cards market thrives as banking population soars

Digital payment adoption continues at pace

The open loop expands in pre-paid cards

RuPay leads the way to a carded society

Mobile wallets are emerging

Overview

Why buy this report?

Samples (FAQs about samples):

Want to find out more about this report?

Table of Contents

Financial Cards and Payments in India - Industry Overview

EXECUTIVE SUMMARY

India’s financial cards market thrives as banking population soars

Digital payment adoption continues at pace

The open loop expands in pre-paid cards

RuPay leads the way to a carded society

Mobile wallets are emerging

MARKET INDICATORS

MARKET DATA

SOURCES

Charge Cards in India - Category analysis

HEADLINES

PROSPECTS

A limited albeit growing consumer base for charge cards

COMPETITIVE LANDSCAPE

American Express remains in sole charge

CATEGORY DATA

Credit Cards in India - Category analysis

HEADLINES

PROSPECTS

High personal and commercial demand fuels hike in credit card ownership

Credit card usage is more common at the POS

The future looks bright for credit cards

COMPETITIVE LANDSCAPE

HDFC provides Indians’ best flexible friend

Visa and Mastercard have a local rival in RuPay

The draw of co-branding grows

CATEGORY DATA

Debit Cards in India - Category analysis

HEADLINES

PROSPECTS

Government leads the surge in India’s banked population

Plastic usage is on the rise but it seems cash remains indispensable

More Indians will access debit cards, while contactless payments will grow

COMPETITIVE LANDSCAPE

SBI is the most inclusive player, driving up debit card performance

Homegrown RuPay competes strongly with the international cards

Cards from private banks see the most retail therapy

CATEGORY DATA

Pre-Paid Cards in India - Category analysis

HEADLINES

PROSPECTS

Pre-paid cards are set to travel further in India

Open loop pre-paid cards proliferate as cashless trend strengthens

Journeys by rail become smarter, boosting transportation and travel cards

COMPETITIVE LANDSCAPE

ItzCash has a good spread of products

More consumers want to be kept in the open loop

CATEGORY DATA

Store Cards in India - Category analysis

PROSPECTS

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