India Cards and Payments – Opportunities and Risks to 2026

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How will the India Cards and Payments Market’ help you achieve your business goals? The report’s in-depth analysis and market insights will enable you to:

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

How is the ‘India Cards and Payments Market’ report different from other reports in the market?

Businesses need to have a deeper understanding of the market dynamics to gain a competitive edge in the coming decade. Anticipate market changes and develop risk management strategies with the following data:

  • Current and forecast values for each market in the India cards and payments industry, including debit, credit, and charge cards.
  • Detailed insights into payment instruments including cards, cash, direct debits, credit transfers, cheques, and mobile wallets. It also includes an overview of the country’s key alternative payment instruments.
  • E-commerce market analysis.
  • Analysis of various market drivers and regulations governing the India 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.
  • Competitive landscape of the India cards and payments industry.

We recommend this valuable source of information to anyone involved in:

  • Regulatory Agency/Procurement Managers/ M&A and Investment Consultants
  • Strategy, Marketing, and Business Development
  • Digital payment companies/Insurance Companies
  • Technology Leaders and Startups
  • Cyber Security Managers for Banks
  • Product Development Directors
  • Professional Services /Sales & Marketing Director
  • Banks – Industry/Commercial/Retail/Private/Government/International
  • E-commerce Firms, PE/VC Firms

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India Cards and Payments Market Report Overview

The India cards and payments market size was valued at $263.5 billion in 2022 and is expected to achieve a CAGR of more than 18% during 2022-2026. Cash use is gradually declining in India because of government initiatives, bank efforts, and growing consumer confidence in electronic payments. The government has taken several steps to bring more of the population under the purview of the banking system, as well as to promote electronic payments.

The India cards and payments market research report provides a 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. 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. It also offers information on the country’s competitive landscape, including market shares of issuers and schemes.

India Cards and Payments Market Outlook, 2022-2026 ($ Billion)

India Cards and Payments Market Outlook, 2022-2026 ($ Billion)

To gain more information on the India cards and payments market forecast, download a free report sample

India Cards and Payments Market Dynamics

India has seen an accelerated growth in the digital payments space. With the launch of the Immediate Payment Service (IMPS) in 2010 followed by UPI in 2016, India has a well-developed instant payment infrastructure. IMPS is primarily used for fund transfers and UPI is preferred for day-to-day payments and regular fund transfers.

While debit cards lead in terms of cards in circulation, credit cards are preferred for payments in India. To capitalize on this, fintech companies are entering the market. For example, India-based fintech company CRED offers credit cards that allow holders to make payments both online and in-store. Cardholders earn reward points (called CRED coins) for their purchases, which can be redeemed at partner merchants.

India Cards and Payments Market Segmentation by Payment Instruments

The key payment instruments in the India cards and payments market are credit transfers, cash, mobile wallets, cards, direct debits, and cheques. In 2022, credit transfers were the major payment instruments by transaction value.

India Cards and Payments Market Analysis by Payment Instruments, 2022 (%)

India Cards and Payments Market Analysis by Payment Instruments, 2022 (%)

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India Cards and Payments Market Segments

The key segments in the India cards and payments market are card-based payments, merchant acquiring, e-commerce payments, in-store payments, buy now pay later, mobile payments, P2P payments, bill payments, and alternative payments.

India Cards and Payments Market - Competitive Landscape

Some of the leading players in the India cards and payments market are RuPay, Visa, Mastercard, PhonePe, Paytm, Amazon Pay, Google Pay, PayPal, Click to Pay, and Smasung Pay.

India Cards and Payments Market Report Overview

Market Size (2022) $263.5 billion
CAGR >18%
Forecast Period 2022-2026
Historical Period 2018-2021
Key Payment Instruments Credit Transfers, Cash, Mobile Wallets, Cards, Direct Debits, and Cheques
Key Segments Card-Based Payments, Merchant Acquiring, E-commerce Payments, In-Store Payments, Buy Now Pay Later, Mobile Payments, P2P Payments, Bill Payments, and Alternative Payments
Leading Players RuPay, Visa, Mastercard, PhonePe, Paytm, Amazon Pay, Google Pay, PayPal, Click to Pay, and Smasung Pay

Segments Covered in the Report

India Cards and Payments Instruments Outlook (Value, $ Billion, 2018-2026)

  • Credit Transfers
  • Cash
  • Mobile Wallets
  • Cards
  • Direct Debits
  • Cheques

India Cards and Payments Market Segments Outlook (Value, $ Billion, 2018-2026)

  • Card-Based Payments
  • Merchant Acquiring
  • E-commerce Payments
  • In-Store Payments
  • Buy Now Pay Later
  • Mobile Payments
  • P2P Payments
  • Bill Payments
  • Alternative Payments
RuPay
Visa
Mastercard
PhonePe
Paytm
Amazon Pay
Google Pay
PayPal
Click to Pay
Smasung Pay
MobiKwik
SBI
Bank of Baroda
Union Bank of India
HDFC Bank
Canara Bank
Punjab National Bank
Bank of India
Paytm Payments Bank
ICICI Bank
Indian Bank
Central Bank of India
Kotak Mahindra Bank
Axis Bank
Indian Overseas Bank
Bank of Maharashtra
IDBI Bank
YES Bank
Citibank
Standard Chartered
HSBC
American Express
Diners Club

Table of Contents

Market Overview

Payment Instruments

Card-Based Payments

Merchant Acquiring

Ecommerce Payments

In-Store Payments

Buy Now Pay Later

Mobile Payments

P2P Payments

Bill Payments

Alternative Payments

Payment Innovations

Job Analysis

Payment Infrastructure and Regulation

Appendix

Frequently asked questions

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