Dublin, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The "India Credit Card Market Competition Forecast & Opportunities, 2028" report has been added to ResearchAndMarkets.com's offering.
In a significant analysis of India's burgeoning financial sector, a comprehensive market research publication has unveiled the dynamic growth expected in the Indian credit card market by 2028. The report outlines key insights into the competitive landscape, market segmentation, and emerging trends that are shaping the future of credit card usage and acceptance across the nation.
The Indian credit card market is undergoing a transformation, fueled by the rapidly evolving consumer spending habits, the push for a cashless economy, and technological advancements in payment systems. An increase in cashless transactions and the introduction of co-branded credit cards are just a few of the catalysts behind the market's robust growth trajectory.
Surge in Digital Payments
Reflecting on the recent achievements, credit card issuers in India have set a new benchmark with the circulation of over 78 million active credit cards and a notable spending volume. Digital payments, spurred by the proliferation of Unified Payments Interface (UPI) transactions, are significantly influencing the credit card landscape. The integration of credit cards with UPI interfaces is revolutionizing payment methods, propelling convenience and enhancing consumer experiences.
Market Segmentation Insights
The report offers a granular analysis of the market, categorizing it by various factors including type, card company, credit limit, and card benefits. This segmentation provides a closer look at the preferences and trends among Indian users.
Industry Leading Players
Pivotal to the narrative, industry giants such as HDFC Bank Ltd., SBI Cards and Payment Services Limited, and ICICI Bank Limited are identified as major influencers within the market. Their impact and competitive strategies shine a light on the diversity and depth of offerings in the credit card space.
Shifting Dynamics due to NBFC Involvement
Additionally, the entry of non-banking financial companies (NBFCs) into the credit business is set to stir the competitive pot, bringing fresh offerings to a market keen on innovative financial products.
Regional Analysis & Growth Opportunities Detailed Regional Analysis
The report delves into regional contributions to the market, highlighting the growth opportunities across the north, south, east, and west of India. Each region's unique market conditions are examined, offering a comprehensive overview of the nationwide credit card usage patterns.
Market Growth Factors
- Increasing adoption of cashless transactions
- Greater consumer awareness and credit card literacy
- Technological advancements facilitating ease of use
- Rising co-branded and personalized card offerings
Conclusive Outlook on India's Credit Card Landscape
The research concludes with a profound outlook that stretches beyond current market practices to forecast trends and opportunities which industry stakeholders may leverage. It is poised to serve as a pivotal reference for market players, investors, and policymakers, as they navigate the expansive domain of India’s credit card market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 90 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $150 Billion |
| Forecasted Market Value (USD) by 2028 | $350 Billion |
| Compound Annual Growth Rate | 15.0% |
| Regions Covered | India |
A selection of companies mentioned in this report includes
- HDFC Bank Limited
- SBI Cards and Payment Services Limited
- ICICI Bank Limited
- Axis Bank Limited
- Citibank India
- Bank of Baroda
- RBL Bank Ltd.
- Kotak Mahindra Bank Limited
- Punjab National Bank
- IndusInd Bank
For more information about this report visit https://www.researchandmarkets.com/r/mrw60q
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