Indian credit card industry to witness robust growth

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.

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