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Indian Financial Card Market – More Debit than Credit for Future Says New Report - Growing success of the Indian banking industry has resulted in the heightened demand for payment cards. The market for debit and credit cards is amplifying and RNCOS expects debit cards to outshine credit market in future
Indian Financial Card Market – More Debit than Credit for Future Says New Report

 

PRZOOM - /newswire/ - Delhi, New Delhi, India, 2007/10/31 - Growing success of the Indian banking industry has resulted in the heightened demand for payment cards. The market for debit and credit cards is amplifying and RNCOS expects debit cards to outshine credit market in future.

   
 
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“Opportunities in Indian Banking Sector” is an extensive research on the Indian banking industry that gives deep insight regarding the opportunities and challenges in the industry.

According to a recent report on the Indian banking industry published by RNCOS, the number of debit and credit card users in India is anticipated to reach 73.4 Million and 406 Million by the year 2010 and 2011 respectively.

The RNCOS report said that the frequency of transactions through credit cards will rise in comparison to debit cards. However, the Indian financial card market will be dominated by the increasing number of debit cards rather than credit cards. It is supported by the fact that the number of debit cards in circulation increased from a quarter of a million in 1999 to 28 Million in 2004.

The report also provides a comprehensive overview of the major growing areas which will lead the Indian debit and credit card market that includes growing consumerism, increasing rivalry between the banks in offering new credit cards, betterment in the payment infrastructure and rising income levels. The report also highlights the development of the Indian banking industry on account of the series of reforms that started in 1991 and currently by the remarkable growth achieved by the retail industry which can be observed by the increasing partnerships between the banks and the industry.

The RNCOS study further marks the reasons for low penetration of the financial cards in India. The number of cardholders in India is comparatively very small than the number of cards under circulation. This is on account of multiple cards used by many cardholders that provide great opportunity to the issuers of credit card for increasing their customer base in coming years.

The report “Opportunities in Indian Banking Sector” provides a keen insight into the Indian banking industry by prudently analyzing various aspects like income level, size while discussing the opportunities and challenges faced by the sector while providing an updated overview of the Indian banking industry based on the number of ATMs, assets and deposit size etc.

The research also covers the future prospects of the different segments of the Indian banking industry that include banccassurance, mobile banking, rural banking, financial cards, rural banking technology while discussing the strategies vital for the success of the banking Industry in India.

About RNCOS
RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.

 
 
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Indian Financial Card Market – More Debit than Credit for Future Says New Report

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