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
- Shopping/ Non-ATM Purpose
- ATM Withdrawals
By Payment System Operator
- Regular VISA
- Peer to Peer Mastercard
- Rupay
- America Express
- Others
By Type of Credit Card
- Personal Credit Card
- Commercial Credit Card
By Average Ticket Size of Loan Disbursement
- Less than Rs. 25,000
- Between Rs 25,000- Rs. 50,000
- Between Rs. 50,000- Rs. 100,000
- More than Rs. 100,000
- Business Model Analysis of NewGen Cards
- Business Model Analysis of BNPL Cards
- Business Model Analysis of Loan EMI Cards
Overview of India Credit Card Industry
- Comparison of Indian Credit Card Industry with Other Countries
- Value Chain Analysis of Credit Cards
- Scope for the Credit card in Semi-Urban and Rural India
Key Target Audience
- Credit Card Issuing Banks
- New Gen Credit Cards Players
- Traders Loan EMI Credit Cards Players
- Banking Institutions Payment System Operators
- Regulatory Bodies BNPL Credit Cards Players
- FinTechs
- Various International Digital Lending Platforms and Players
- New Entrants in Credit Card Space
- Potential Credit Card Users
Time Period Captured in the Report:
- Historical Period: FY’2017-FY’2022
- Forecast Period: FY’2022-FY’2027F
Indian Credit Card Industry Players/Ecosystem
Credit Card Issuing Banks
- HDFC Bank
- SBI
- ICICI
- Axis Bank
- IDFC Bank
- RBL
- IndusInd Bank
- Citibank
- Bank of Baroda
- Standard Chartered Bank
- Kotak Bank
- South Indian Bank
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New Gen Credit Cards
- Slice
- OneCard
- UniPay Card
Loan EMI Credit Cards
- Bajaj Finserv
- Tata Capital
- HDFC EasyEMI
- Home Credit India
Cards BNPL Credit Cards
- Simpl
- ZestMoney
- LazyPay
- CASHe
- PostPe
- Amazon Pay Later
- Flipkart Pay Later
- Ola Postpaid
- Paytm Postpaid
- Flexmoney
- ICICI PayLater
Payment System Operators
- Visa
- Mastercard
- American Express
- Rupay
- UPI
Key Topics Covered in the Report
- Overview and Genesis of Indian Credit Card Market
- India Credit Card Industry Cycle
- Overview of Credit Card Services/ Products
- Consumption Expenditure and Borrowing Trends
- Emerging business models- Loan against Credit Cards
- Socio-Demographic Outlook of India
- Economic Outlook of India
- Bank Loan Rates
- Financing Options in India
- Overview of India’s Banking Industry
- Digital Payment Growth v/s Cash Payment Growth
- India Credit Card Industry Introduction
- Comparison of Indian Credit Card Industry with Other Countries
- Ecosystem of Entities in the Indian Credit Card Industry
- Value Chain Analysis of Credit Cards
- India Credit Card Market Sizing on the basis of number of credit cards outstanding, Number of Credit Cards Issued by Issuer Bank. Credit Card Transaction by Volume & Value and Annual Credit Card Spend and Monthly Transactions
- India Credit Card Market Segmentation (By Purpose of Usage, By Payment System Operator, By Type of Credit Card, By Average Ticket Size of Loan Disbursement).
- Business Model Analysis of NewGen Cards
- Cross Comparison of Major Players in the NewGen Cards Segment
- Business Model Analysis of BNPL Cards
- Cross Comparison of Major Players in the BNPL Cards Segment
- Business Model Analysis of Loan EMI Cards
- Cross Comparison of Major Players in the Loan EMI Cards Segment
- Trends and Developments
- Growth Drivers of the Indian Credit Card Industry
- Restraints and Challenges
- Alternative Assessment for NIP (No-Income-Proof) Customers for Credit Card Offerings
- Collection risks associated with credit card
- Key Metrics of Credit Card Issuers in India
- Government Initiatives in the Indian Credit Card Industry
- Pradhan Mantri Jan Dhan Yojana (PMJDY)
- Pradhan Mantri Jan Dhan Awas Yojana (PMAY)
- Initiatives to Promote Access to Data & Innovation
- Regulatory Sandbox
- Launch of India Stack
- Recognising P2P Lenders
- Increase in number of Fintech start-ups
- Growth of Digital Lending,
- Credit Growth in Rural India
- Evaluation of KYC Norms
- Company profile of major Bank players operating in the ecosystem (Bank Overview, About the Company, Business Model, Product Offered, Key Features, Strengths, Recent Developments and Key Takeaways)
- Company profile of major FinTechs players operating in the ecosystem (Company Overview, About the Company, Revenue Model, Funding and Investors, Key Features, Fee Structure, Product Offered, Strengths, Recent Developments, Key Takeaways and Financials)
- Analyst Recommendations
- Industry Speaks
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