Deerfield Beach, FL -- (SBWIRE) -- 10/20/2015 -- India Cards And Payments Industry 2015 Market Analysis to 2019 by Market Research Store
Synopsis
debit cards, credit cards, charge cards and prepaid cards. Moreover, the report provides a comprehensive analysis of consumer attitudes and buying preferences.
Executive summary
India's economy has benefited from strong growth. However, despite the country's economic progress during the last 10 years, the penetration of financial services is still relatively low, indicating untapped potential. India's economic growth has enhanced job creation and household income, leading to a greater number of previously non-participating consumers using financial services. The central bank has undertaken a number of initiatives to increase financial inclusion and expand banking operations to these areas of the population. Changing lifestyles allied to the rise of a young and employed population; as well as increased per capita disposable income and the growing popularity of online shopping, have all supported the growth of the cards and payments industry during the review period of 2010 to 2014.
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Low banking penetration levels suggest growth opportunities for banks, financial institutions and card issuers in India. As a result, banks have introduced a number of cards targeted at the unbanked population. Cash continues to be the most popular payment instrument for the majority of Indians, primarily due to a limited public awareness of other payment instruments, or little to no access to banking infrastructure, particularly in rural areas. Cash is primarily used to make small-value payments to retailers, for the payment of utility bills, taxes and transport fares. Among the rural population, cash is the dominant form of payment.
Consumer acceptance of payment cards has gradually increased during the review period, as the government and banks have begun to provide basic financial access to the unbanked population. This includes the expansion of infrastructure such as ATMs, the appointment of banking correspondents (BCs), the launch of new branches, in addition to specific efforts to change India's consumer payment habits.
In August 2014, the government of India announced the Pradhan Mantri Jan-Dhan Yojana (PMJDY) program to provide basic affordable financial services such as banking, savings and deposit accounts, remittances, credit, insurance and pensions to the unbanked population. An unbanked Indian citizen aged above 10 years can open a new bank account with a zero balance at any bank branch or through BCs, who are specially tasked with the purpose of opening accounts under the scheme.
Key highlights
Which categories have experienced the most substantial growth, as measured by the number of cards in circulation?
Why has consumer acceptance of payment cards gradually increased in India during the review period?
What aspects of the process offer the best opportunity for intervention in order to profit from these changes in consumer behaviour?
What positive trend over the report's review period is expected to be replicated over the report's forecasted period?
What specific government intervention is aimed at increasing payment card penetration and stimulating competition amongst card scheme providers? What developments in the public sector are set to reinforce this trend?
What key factor in the Indian cards and payments market points to significant growth opportunities for banks, financial institutions and card issuers?
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Reasons to buy
Apply Timetric's top-level historic and forecast market data to inform your activities in each sector of India's cards and payments industry.
Investigate the key market trends and growth opportunities and identify those which best suit your expansion strategy.
Assess the competitive dynamics of India's cards and payments industry to position your operations in order to gain maximum competitive advantage.
Analyze the marketing strategies adopted for selling various card types in India and emulate those which provide the best opportunity to develop your product propositions.
Identify the key regulations governing India's cards and payments industry and address any compliance issues that might potentially hinder your participation in the market.
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