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Learn moreNov 2020
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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.
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.
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 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.
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.
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
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:
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Why buy this report?
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.
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.