Indian Credit Card Market Outlook to 2027: Ken Research
Competitive Landscape Of Indian Credit Card Industry, 2022
Traditionally,?Indian Credit Card Industry?has been dominated by banks such as HDFC, SBI, ICICI and Axis. However, FinTechs such as?Slice, OneCard, Uni Cards, PostPe, LazyPay are disrupting the banking space by changing the whole ecosystem of how banks traditionally work and bringing in a digital change across all segments. In the last few years, the credit space has seen some of the most popular offerings globally by neobanks. New players are entering the credit space in India and have started providing credit cards and digital lending via BNPL, EMI and other services. These FinTech start-ups are also partnering with traditional banks to launch new products and services in the untapped market. These Credit Card issuing Platforms in India compete on the basis of user-friendly interface, easy and quick KYC norms, advertisement, wide range of investment options they offer, EMI/loans, NIP and low transaction fees. One of the major competition parameters is facilitation of secure transactions, rewards and cashbacks provided for traction of users, hassle free payments without waiting for OTPs, transparency and service diversification such as wallet options, using virtual credit cards as mode of payment for buying goods/services instead of fiat currency being provided by the credit card issuing platforms to their users. Credit card companies often offer 0% APR on purchases and/or balance transfers for a limited period of time with better promotional incentives in case of personal cards which has led to higher issuance of these cards when compared to credit cards issued for commercial purposes. However, in coming years, the international credit card issuing platforms are eyeing a piece of the Indian credit card, either through independent operations or co-branding partnerships. In essence, the credit card industry has a lot more potential to flourish across the country if its pain points can be resolved fast, paving the path for a robust penetration of Credit cards
Apart from covering comparison dynamics between major credit card issuing platforms in India, the report also provides comprehensive insights on the company profiles of leading fintech’s and bank in the ecosystem. The profiles of fintech’s cover various parameters such as Company Overview, About the Company, Revenue Model, Funding and Investors, Key Features, Fee Structure, Product Offered, Strengths, Recent Developments, Key Takeaways and Financials and profiles of banks incorporates Bank Overview, About the Company, Business Model, Product Offered, Key Features, Strengths, Recent Developments and Key Takeaways.
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Future Outlook and Projections of Indian Credit Card Industry, 2023-2027E
Indian credit card industry is expected to expand with a CAGR of XX% in between FY’22 and FY’27 on the basis of revenue generated. It is anticipated that credit card industry will grow at a substantial rate owing to factors such as due to wider acceptability at shops and better product offerings in a competitive landscape in the coming years. India has been culturally conservative towards credit and it is always seen as a debt trap instrument. But new-age start-ups are very focused on changing this mentality by creating awareness about how credit cards and BNPL can be used for daily expenditure. Many new FinTechs will be entering the Indian credit card space by offering credit cards to individuals and corporates. All FinTechs in this space are trying to attract customers through their digital offerings and will witness significant growth in new credit card customers in the coming years. FinTechs are also focusing on bringing out co-branded cards with features and rewards dedicated to a segment. Co-branding has enabled banks to acquire customers fast and at a lower cost. There are co-branded credit cards in the market which are specifically designed for market players. Banks are also exploring partnerships with FinTech players to acquire new customers to their platforms. Banks are actively participating to provide open APIs to the FinTechs to leverage their ecosystem and on-board new credit card customers. Banks should focus on bringing these FinTechs on board with co-branded partnerships in the credit card space. The focus should be on introducing more propositions in the high-spend categories. This will help banks to not only provide better offerings to their existing customer base and acquire new customers but also earn higher interchange.
Some global players are providing best-in-class credit solutions with the latest mobile application features such as digital onboarding, enhanced UX/UI, single click payment, QR, token-based payments, dispute resolution, in-app support and spend analysis. Traditional players need to take a cue from these players to enhance their offerings in the coming future. The credit EMI market has traditionally been dominated by offline retail. However, due to advent of COVID-19, online buying is gaining traction among the customers. Players in this sector need to focus more on building the Omni channel ecosystem to cater to both the offline and online market.
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Key Segments Covered in Indian Credit Card Industry
Indian Credit Card Market
By Purpose of Usage
By Payment System Operator
By Type of Credit Card
By Average Ticket Size of Loan Disbursement
Overview of India Credit Card Industry
Key Target Audience
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Time Period Captured in the Report:
Indian Credit Card Industry Players/Ecosystem
Credit Card Issuing Banks
New Gen Credit Cards
Loan EMI Credit Cards
Cards BNPL Credit Cards
Payment System Operators
Key Topics Covered in the Report
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