RNCOS, a leading market research firm, says in its new report, “Global Credit Card Industry - Emerging Markets”, with the growing consumer spending, changing spending pattern and surging trend of online shopping, the Indian credit cards market is expected to grow at CAGR of nearly 25% between 2008-09 and 2011-12.
As per the report, in the last few years, spending pattern has changed drastically in India. Now people more frequently use plastic money (like credit and debit cards) for paying their day-to-day expenses. Traveling, dining and jewelry are the top three purchases that Indians make through credit cards. Fuel accounts for a very small portion of credit card purchases as these are largely paid through debit cards. Airline tickets, both domestic and international, are now bought through credit cards, making it the largest category in traveling for credit card purchases.
Utility payment is another segment where more payments are being made through plastic money since the last two years. In the last two years, the number of customers paying their electricity and water bills through credit cards has risen though the overall customer base is still small.
We estimate that the credit market has a huge potential to grow at a rate much higher than the projected 25%. However, the market has been hit by the ongoing global financial crisis and double-digit inflation. With the delinquency rate going high in the country, banks and card issuers are likely to remain hesitant in issuing new credit cards.
India is just one of the many emerging credit card markets discussed in “Global Credit Card Industry - Emerging Markets”. The report provides a comprehensive research and prudent analysis on the emerging card markets like China, Russia, Mexico and South Korea. This extensive research will help the clients to identify the market trends and evaluate the leading-edge opportunities critical to the success of the credit card markets. This study gives an overview on the various factors driving the market, together with the forces that are blocking the growth of the industry.
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About RNCOS:
RNCOS, incorporated in the year 2002, is an industry research firm. We are a team of industry experts who analyze data collected from credible sources. We provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.
