India Cards and Payments: Opportunities and Risks to 2028

India Cards and Payments: Opportunities and Risks to 2028

Summary

GlobalData’s ‘India Cards and Payments: Opportunities and Risks to 2028' report provides detailed analysis of market trends in the Indian cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including credit transfers, cash, cards, direct debits and cheques during the review-period (2020-24e).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2024e-28f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

GlobalData’s ‘India Cards and Payments: Opportunities and Risks to 2028' report provides top-level market analysis, information and insights into the Indian cards and payments industry, including -

• Current and forecast values for each market in the Indian cards and payments industry, including debit, credit and charge cards.
• Detailed insights into payment instruments including credit transfers, cash, cards, direct debits and cheques. It also, includes an overview of the country's key alternative payment instruments.
• Ecommerce market analysis.
• Analysis of various market drivers and regulations governing the Indian cards and payments industry.
• Detailed analysis of strategies adopted by banks and other institutions to market debit, credit and charge cards.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• The competitive landscape of the Indian cards and payments industry.

Key Highlights

• While cash dominated India’s consumer payments landscape for many years, its use its gradually diminishing. A major blow came in the form of demonetization of high-value currency in 2016 to curb tax evasion and combat unaccounted money. The government and the RBI have introduced various initiatives to boost electronic payments. Launched in June 2022, the RBI’s Payments Vision 2025 aims to provide digital payment access across the country. The RBI is aiming to achieve global outreach of UPI and RuPay cards, expand interoperability for contactless transit card payments in offline mode, link credit cards to UPI, and introduce two-factor authentication for cross-border card transactions.
• Aligned with Payments Vision 2025, the government launched the country’s central bank digital currency, the eINR, in December 2022. Although uptake and usage were initially slow, they are now gaining momentum. As of January 2024, there were 4 million eINR users. Daily eINR transactions crossed the 1 million mark on December 27, 2023. Such initiatives are poised to reshape the country’s financial landscape, laying the foundation for a thriving digital economy poised for future growth of electronic payments in the country.
• Financial inclusion has been one of the government’s top priorities. In August 2014, the government launched the PMJDY program, offering basic bank accounts (known as “Jan Dhan” accounts) targeting individuals in low-income groups and in rural areas with limited access to financial services. As of March 2024, 519.5 million accounts had been opened under this initiative. Banking agents have been deployed across the country to offer basic banking services to Jan Dhan account holders.

Scope

• Card market size in terms of number of cards, value and volume of transactions in India along with detailed card segmentation of debit, credit and charge cards available in the country.
• Market sizing and analysis of major payment instruments including credit transfers, cash, cards, direct debits and cheques.
• Payment market trends and growth for both historical and forecast period
• Competitor analysis with detailed insights into leading card issuers and schemes.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• A detailed snapshot of country's key alternative payment brands.

Reasons to Buy

• Make strategic business decisions, using top-level historic and forecast market data, related to the India cards and payments industry and each market within it.
• Understand the key market trends and growth opportunities in the India cards and payments industry.
• Assess the competitive dynamics in the India cards and payments industry.
• Gain insights into marketing strategies used for various card types in India.
• Gain insights into key regulations governing the India cards and payments industry.