The robust growth in the Indian economy is also witnessed in the credit card industry. Higher disposable income by relatively younger workforce in Mid 20s has made India a perfect market for credit card companies.
Here are some statistics and projections of the Indian credit card industry.
- Visa, which accounts for 70% of the total card industry is the market leader in India.
- Visa expects total cards in circulation (both debit and credit) to double to 100 million by 2010 from around 45 million now.
- Credit Card purchase volumes in the country are likely to triple to $21 billion by 2010.
- India is currently the fastest growing Mobile Market in the world and is also among the fastest growing credit card markets in the world.
- India has a total 45 million cards under circulation (13 million credit and 32 million debit) and a 40% year-on-year growth.
- 68% of payment cards in India are debit cards as against 2% in 1998
- ICICI bank is India’s largest Credit Card issuer.
With the entry of Wal-Mart in India, we will see India becoming the fastest growing Retail market in the world within the next few years.