India Cards And Payments Market Forecasts | Market Data Forecast 2018-2023
India accounted an increase of approximately 0.48 million credit cards and 13.03 million debit cards between May 2016 and May 2017.
(EMAILWIRE.COM, November 28, 2018 ) The Indian cards and payments industry registered significant growth during the review period. The card payments channel grew at a CAGR of 27.05%. Changing lifestyle demographics, increased popularity of online shopping and higher disposable income per capita supported the growth of cards in circulation.
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Growth in payments infrastructure supported increased levels of card use
Many Indian banks expanded their networks of automated teller machines (ATMs) during the review period. Part of this expansion involved installing point-of-sale (POS) terminals that accept both debit and credit card payments. Nationally, these terminals registered a CAGR of 17.21% during the review period.
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Companies adopting aggressive marketing and competitive pricing strategies
With high competition in the Indian cards and payments industry, banks and issuers are developing marketing and pricing strategies to attract larger customer bases. Offers such as cashback, discounts for retail outlets, buy-one-get-one-free schemes, rewards points, increased daily limits for cash withdrawals and insurance cover are some of the most common strategies that banks are utilizing.
Banks are segmenting their customers to maximize expansion in each card category. Banks are expected to focus more on female customers, an important customer base which typically manages monthly family budgets and expenses in India. Banks such as ICICI Bank, HDFC Bank and IDBI Bank launched debit cards targeting Indian women, while State Bank of India and Axis Bank have launched debit cards for the 18–30-year-old demographic. American Express offers credit cards that are designed to meet the specific needs of corporate customers.
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India is the fourth-largest country in terms of the number of resident high net worth individuals (HNWIs). To capitalize on this growing niche segment, banks and card issuers are making a significant effort to target this group as HNWIs traditionally show a greater willingness to use non-cash payment methods such as credit, debit and prepaid cards.
RBI has also undertaken several measures to increase financial inclusion, such as facilitating no-frills accounts, general credit cards (GCCs) and Kisan credit cards (KCCs) for small deposits and credit.
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Market Data Forecast is a firm working in the areas of market research, business intelligence and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corporate clients.
For more information:
Abhishek Shukla
Sales Manager at Market Data Forecast
Email: abhishek@marketdataforecast.com
Tel: +1-888-702-9626
Website: www.marketdataforecast.com
Browse For Full Report @ https://marketdataforecast.com/market-reports/India-cards-and-payments-market-6918/
Growth in payments infrastructure supported increased levels of card use
Many Indian banks expanded their networks of automated teller machines (ATMs) during the review period. Part of this expansion involved installing point-of-sale (POS) terminals that accept both debit and credit card payments. Nationally, these terminals registered a CAGR of 17.21% during the review period.
Ask For Sample @ https://marketdataforecast.com/market-reports/India-cards-and-payments-market-6918/request-sample
Companies adopting aggressive marketing and competitive pricing strategies
With high competition in the Indian cards and payments industry, banks and issuers are developing marketing and pricing strategies to attract larger customer bases. Offers such as cashback, discounts for retail outlets, buy-one-get-one-free schemes, rewards points, increased daily limits for cash withdrawals and insurance cover are some of the most common strategies that banks are utilizing.
Banks are segmenting their customers to maximize expansion in each card category. Banks are expected to focus more on female customers, an important customer base which typically manages monthly family budgets and expenses in India. Banks such as ICICI Bank, HDFC Bank and IDBI Bank launched debit cards targeting Indian women, while State Bank of India and Axis Bank have launched debit cards for the 18–30-year-old demographic. American Express offers credit cards that are designed to meet the specific needs of corporate customers.
Buy Now @ https://marketdataforecast.com/cart/buy-now/India-cards-and-payments-market-6918/
India is the fourth-largest country in terms of the number of resident high net worth individuals (HNWIs). To capitalize on this growing niche segment, banks and card issuers are making a significant effort to target this group as HNWIs traditionally show a greater willingness to use non-cash payment methods such as credit, debit and prepaid cards.
RBI has also undertaken several measures to increase financial inclusion, such as facilitating no-frills accounts, general credit cards (GCCs) and Kisan credit cards (KCCs) for small deposits and credit.
About Us:
Market Data Forecast is a firm working in the areas of market research, business intelligence and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corporate clients.
For more information:
Abhishek Shukla
Sales Manager at Market Data Forecast
Email: abhishek@marketdataforecast.com
Tel: +1-888-702-9626
Website: www.marketdataforecast.com
Contact Information:
Market Data Forecast.
Abhishek Shukla
Tel: +1-888-702-9626
Email us
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Market Data Forecast.
Abhishek Shukla
Tel: +1-888-702-9626
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results