India Cards and Payments - Opportunities and Risks to 2026

Abstract

GlobalData's 'India Cards and Payments: Opportunities and Risks to 2026' report provides detailed analysis of market trends in India's cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry including credit transfers, cash, mobile wallets, cards, direct debits and cheques during the review-period (2018-22e).

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 (2022e-26f). 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.

This report provides top-level market analysis, information and insights into India's cards and payments industry, including -

Current and forecast values for each market in India's cards and payments industry, including debit, credit and charge cards.

Detailed insights into payment instruments including credit transfers, cash, mobile wallets, cards, direct debits and cheques. It also, includes an overview of the country's key alternative payment instruments.

Ecommerce market analysis.

Analysis of various market drivers and regulations governing India's 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 India's cards and payments industry.

Scope

• India has seen significant acceleration in the digital payments space, with Unified Payments Interface (UPI) (the country's instant payment scheme) registering 75.9% growth in 2022 to reach INR126 trillion ($1.5 trillion). With the launch of the Immediate Payment Service (IMPS) in 2010 followed by UPI in 2016, India has a well-developed instant payment infrastructure. While the former is primarily used for fund transfers, the latter is preferred for day-to-day payments and regular fund transfers. To expand its coverage, UPI was integrated with Singapore's instant payment scheme PayNow on February 21, 2023. This will help users in both countries make low-cost cross-border fund transfers. State Bank of India (SBI), Indian Overseas Bank, Indian Bank, ICICI Bank, and DBS have already signed up to this integration, with others expected to join soon.
• Buy now pay later (BNPL) is gradually gaining traction in India, with an increasing number of merchants, banks, and payment providers offering this service. The solution is becoming a viable payment option for consumers who do not have a credit card. The Simpl and ePayLater BNPL solutions launched in 2015, while PayU introduced LazyPay in April 2017. These platforms offer payment services that consolidate day-to-day transactions across merchant outlets. To capitalize on growth in BNPL, new players are entering the space. Social loan company CASHe partnered with online retailer Myntra to introduce a BNPL service in India. Similarly, in July 2021, Flipkart launched a pay later service, allowing users to make online purchases in monthly installments.
• As part of the government's initiative to push electronic payments in the country, in January 2021 the RBI set up the Payments Infrastructure Development Fund to deploy 1 million POS devices and increase the number of merchants accepting QR code payments. As part of this initiative, merchants in tier 3-6 towns receive a 30% to 50% subsidy on the cost of POS terminals and a 50% to 75% subsidy on the cost of QR code acceptance. By December 2022, 485,415 POS terminals and 18.3 million QR code acceptance points had been deployed using funds from this scheme.

Reasons to Buy

The report provides top-level market analysis, information and insights into India's cards and payments industry, including -

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