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PUBLISHER: GlobalData | PRODUCT CODE: 1795113

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PUBLISHER: GlobalData | PRODUCT CODE: 1795113

India Cards and Payments: Opportunities and Risks to 2029

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PAGES: 96 Pages
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GlobalData's 'India Cards and Payments: Opportunities and Risks to 2029' report provides detailed analysis of market trends in the Indian cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, card, credit transfer, direct debits, and cheques during the review-period (2021-25e).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2025e-29f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together GlobalData's research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

GlobalData's 'India Cards and Payments: Opportunities and Risks to 2029' report provides top-level market analysis, information and insights into the Indian cards and payments industry, including -

  • Current and forecast values for each market in the Indian cards and payments industry, including debit, credit and charge cards.
  • Detailed insights into payment instruments including cash, credit transfer, card, cheques and direct debits . It also, includes an overview of the country's key alternative payment instruments.
  • Ecommerce market analysis.
  • Analysis of various market drivers and regulations governing the Indian cards and payments industry.
  • Detailed analysis of strategies adopted by banks and other institutions to market debit, credit and charge cards.
  • Comprehensive analysis of consumer attitudes and buying preferences for cards.
  • The competitive landscape of the Indian cards and payments industry.

Key Highlights

  • India is one of the top real-time payments (instant payment) markets globally, following the launch of the RBI-backed system UPI which enables users to transfer funds and make payments in real time via mobile devices. The UPI Circle feature was launched in August 2024, allowing users to delegate payments to secondary users from their linked bank accounts. This will promote financial inclusion by extending access to those without individual UPI accounts. Primary users maintain control by setting transaction limits and permissions within their 'circle', facilitating convenient and controlled financial management for families and groups.
  • Digital payments are also being extend to public transport. In January 2025, the NPCI partnered with Chennai's Metropolitan Transport Corporation (MTC) to implement RuPay On-The-Go, a contactless payment solution for public transit. This integration offers seamless travel between Chennai Metro, MTC buses, and Metro parking facilities using a single card. Launched under the NCMC program, RuPay On-The-Go offers a contactless transit experience across multiple Indian cities via a single RuPay contactless card. The system supports stored value ticketing for use across various transit modes and enables offline transactions, ensuring functionality even in areas with limited or no internet connectivity.
  • Digital wallet adoption and usage remain high in India, supported by the large young and tech-savvy population, growing awareness of the technology, and increasing smartphone penetration. International brands are expanding their services in the country which further drives competition in the market. In May 2024, Google Wallet was launched in India, allowing users to store and retrieve digital documents, such as boarding passes, movie tickets, and more. However, the app will not allow users to store payment cards and access the tap-and pay feature in stores. Google has partnered with 20 brands to enable this feature, including PVR & INOX, Air India, Indigo, Flipkart, Pine Labs, Kochi Metro, and Abhibus.

Scope

  • Card market size in terms of number of cards, value and volume of transactions in Indiaalong with detailed card segmentation of debit, credit and charge cards available in the country.
  • Market sizing and analysis of major payment instruments including cash, credit transfer, card, cheques and direct debits .
  • Payment market trends and growth for both historical and forecast period
  • Competitor analysis with detailed insights into leading card issuers and schemes.
  • Comprehensive analysis of consumer attitudes and buying preferences for cards.
  • A detailed snapshot of country's key alternative payment brands.

Reasons to Buy

  • Make strategic business decisions, using top-level historic and forecast market data, related to the Indian cards and payments industry and each market within it.
  • Understand the key market trends and growth opportunities in the Indian cards and payments industry.
  • Assess the competitive dynamics in the Indian cards and payments industry.
  • Gain insights into marketing strategies used for various card types in India.
  • Gain insights into key regulations governing the Indian cards and payments industry.
Product Code: GDFS0900CI

Table of Contents

Table of Contents

1. Executive Summary

2. Market Overview

3. Payment Instruments

4. Card-Based Payments

5. Merchant Acquiring

6. Ecommerce Payments

7. In-Store Payments

8. Buy Now Pay Later

9. Mobile Payments

10. P2P Payments

11. Bill Payments

12. Alternative Payments

13. Payment Innovation

14. Job Analysis

15. Payment Infrastructure and Regulation

16. Appendix

Product Code: GDFS0900CI

List of Table

List of Tables

  • Key facts, 2025
  • Benchmarking of payment cards, 2025e
  • Payment instrument transaction values (LCU), 2021-29f
  • Payment instrument transaction values ($), 2021-29f
  • Payment instrument transaction volumes (units), 2021-29f
  • Payment cards in circulation by type (units), 2021-29f
  • Volume of payment card transactions (units), 2021-29f
  • Value of payment card transactions (LCU), 2021-29f
  • Value of payment card transactions ($), 2021-29f
  • Debit cards in circulation (units), 2021-29f
  • Debit card transaction volumes, 2021-29f
  • Debit card transaction values (LCU), 2021-29f
  • Debit card transaction values ($), 2021-29f
  • Debit cards in circulation by scheme (units), 2021-25e
  • Debit card transaction values by scheme (LCU), 2021-25e
  • Debit card transaction values by scheme ($), 2021-25e
  • Debit cards in circulation by issuer (units), 2021-25e
  • Debit cards transaction value by issuer (LCU), 2021-25e
  • Debit cards transaction value by issuer ($), 2021-25e
  • Credit and charge cards in circulation (units), 2021-29f
  • Credit and charge card transaction volumes, 2021-29f
  • Credit and charge card transaction values (LCU), 2021-29f
  • Credit and charge card transaction values ($), 2021-29f
  • Credit and charge cards in circulation by scheme (units), 2021-25e
  • Credit and charge card transaction values by scheme (LCU), 2021-25e
  • Credit and charge card transaction values by scheme ($), 2021-25e
  • Credit and charge cards in circulation by issuer (units), 2021-25e
  • Credit and charge cards transaction value by issuer (LCU), 2021-25e
  • Credit and charge cards transaction value by issuer ($), 2021-25e
  • Credit cards in circulation (units), 2021-29f
  • Credit card transaction volumes, 2021-29f
  • Credit card transaction values (LCU), 2021-29f
  • Credit card transaction values ($), 2021-29f
  • Credit cards in circulation by scheme (units), 2021-25e
  • Credit card transaction values by scheme (LCU), 2021-25e
  • Credit card transaction values by scheme ($), 2021-25e
  • Credit cards in circulation by issuer (units), 2021-25e
  • Credit cards transaction value by issuer (LCU), 2021-25e
  • Credit cards transaction value by issuer ($), 2021-25e
  • Charge cards in circulation (units), 2020-29f
  • Charge card transaction volumes, 2020-29f
  • Charge card transaction values (LCU), 2020-29f
  • Charge card transaction values ($), 2020-29f
  • Charge cards in circulation by scheme (units), 2021-25e
  • Charge card transaction values by scheme (units), 2021-25e
  • Charge card transaction values by scheme ($), 2021-25e
  • Prepaid cards in circulation (millions), 2021-29ePrepaid card transaction values (LCU), 2021-29e
  • Prepaid card transaction values ($), 2021-29e
  • Merchant acquiring transaction volumes (units), 2021-29f
  • Merchant acquiring transaction values (LCU), 2021-29f
  • Merchant acquiring transaction values ($), 2021-29f
  • Acquirers' transaction volumes (units), 2021-25e
  • Acquirers' transaction values (LCU), 2021-25e
  • Acquirers' transaction values ($), 2021-25e
  • Retail outlets and card-accepting merchants (units), 2021-29f
  • Debit card average interchange fees (%), 2021-25e
  • Credit and charge card average interchange fees (%), 2021-25e
  • Debit card merchant service charge and interchange fee (%), 2021-29f
  • Credit and charge card merchant service charge and interchange fee (%), 2021-29f
  • Retail market by product categories (LCU), 2021-29f
  • Retail market by product categories ($), 2021-29f
  • Retail market by service categories (LCU), 2019-23
  • Retail market by service categories ($), 2019-23

List of Figure

List of Figures

  • Inflation rate
  • GDP growth rate
  • Payment instruments transaction value and volume
  • Instant payments transaction value and volume
  • Card penetration
  • Card payments by value
  • Debit card frequency of payments and average transaction value
  • Debit card schemes transaction value and volume
  • Debit card issuers by number of cards and transaction value
  • Credit card frequency of payments and average transaction value
  • Credit card schemes transaction value and volume
  • Credit card issuers by number of cards and transaction value
  • Credit card debt
  • Prepaid Cards: Market Sizing and Forecasting
  • Contactless card holding and usage in detail
  • E-commerce transaction value and ecommerce breakdown by mobile vs. desktop/laptop
  • Ecommerce market by product and services
  • Ecommerce market by paymnet tools
  • Factors driving in-store payments and In-store transaction value by payment method
  • In-store transaction value by products and services
  • BNPL service used in the last six months and Preferred BNPL brand/tool for in-store payments
  • BNPL online transaction value and transaction volume
  • BNPL share of overall ecommerce transaction value and preferred BNPL brand/tool for online payments
  • Mobile wallet holding and use by demographic
  • Mobile wallet funding methods, mobile wallet preference by product/service and mobile wallet ownership by brand
  • Domestic and international P2P money transfers
  • Paymnet tool preference for bill payment and bill paymnet frequency
  • Active jobs intensity in the country
  • Number of POS terminals and ATMs
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