A comprehensive overview of the cards, payments, consumer banking and merchant acquirer market in India.
Demographics and the economy
Key retail banks and issuers
Acquiring and processing
Regulatory and other cards market information
Appendices: Card Market Data
Appendix I: Demographics and the economy
Appendix II: Card payments environment
Appendix III: Cards market
Appendix V: Profit pool
Appendix VI: The card networks
Appendix VII: Key retail banks and issuers
Appendix VIII: Acquiring and processing
Appendix IX: Online acquiring
Demographics and Economy:
With an average annual population growth rate of 1.1%, India is projected to become the world's most populous country, overtaking China, by 2025. Currently, it has a population of around 1.3 billion.
Card use is steadily growing among the population. The number of cards in circulation surpassed a billion in 2018. Growth in the cards market has been driven by the establishment of the Rupay domestic card scheme.
One of the most significant developments in progressing card uptake in India was the launch of the domestic cards payment network, RuPay, by the National Payments Corporation of India (NPCI). Regional rural banks and small commercial banks ... have benefited.
The surge in the number of mobile phone and internet users indicates that the digital payments market has huge potential – a potential that is already being tapped. A recent Credit Suisse report states that the digital payments market, led by mobile, will grow to an estimated $1 trillion by 2023.
Rollover rates are estimated to be around 44% with most major issuers thought to be in or around this mark. Net interest income is the main revenue stream accounting for an estimated 43% of the total revenue pool in 2018.
Visa and Mastercard are the two primary networks in India, with a combined market share of 95% of credit cards in issue at the end of 2018. India's domestic cards payment network RuPay, RuPay's market share in terms of card numbers grew to 50% by the end of 2018 ... and the market leader in terms of cards in issue.
Key Retail Banks and Issuers:
The rise of digital payments and the security challenge thereof is of great concern; improved vigilance and security measures will be required to guide the Indian economy, banks, and financial sector into the era of advanced digital payments.
Acquiring and Processing:
The number of POS terminals operating in the country increased to almost 3.6 million at the end of 2018. Despite strong growth, this represents just over three POS terminals per 1,000 adults.
Total online acquired card billed volume for 2018 reached almost $56 billion as the industry continues to grow. The top three categories for online transactions in India are apparel, online bill payments and cinema tickets.
Regulatory and Markets Information:
Scheduled banks are paid up in capital, hold a cash reserve ratio with the Royal Bank of India, can borrow from the RBI, and can become a member of a clearinghouse. Non-scheduled banks can do none of these things and maintain a cash reserve ratio with themselves.
Aditya Birla Idea – AEBC – Air India – Airpay – Airtel – Alibaba – Allahabad Bank – Amazon Pay – American Express – Andhra Bank – AnyPay – Atos Origin – Atos Worldline – Axis Bank – BabyOye – Bank of Baroda – Bank of India – Bank of Maharashtra – Bengaluru Metropolitan Transport Corporation – BharatPe – BOB Financial Solutions – BookMyShow – Carlyle Group – Cashfree – CCAvenue – Citibank – Citrus Pay – Credit Suisse – Diners Club – Discover – E-Billing Solutions – Etihad – Ezetap Mobile Solutions – Facebook – Fastacash – Federal Bank – Ferrari – Fina – First Data – FirstCry – Flipkart – FreeCharge – FSS – GE Capital – Google Pay – HSBC – ICICI Bank – ICICI Merchant Services – India Post – IndusInd Bank – ING Vysya Bank – Ingenico Group – Instagram – Instamojo – IRCTC – Jabong – JCB – Jet Airways – Jio – Junopayments – Karnataka Bank – Karur Vysya Bank – Kotak Mahindra Bank – Lakshmi Vilas Bank – Life Insurance Corporation of India – MakeMyTrip – Manchester United Football Club – Mastercard – Mobikwik – Mswipe Technologies – Naspers – National Payments Corporation of India – Oberthur Technologies – Ola – Ola Money – Online Prasad – Oriental Bank of Commerce – PayPal – Paytm – PayU – PayZapp – PayZIPPY – PhonePe – Ping Pay – Prizm Payments – Punjab National Bank – Razorpay – RBL Bank – Reserve Bank of India – Royal Bank of Scotland – RuPay – SBI – Bank – Shopo – Snapdeal – South Indian -Bank – Standard Chartered – Suvidhaa Infoserve – Swadhaar FinServe – Swipeon – Tech Mahindra – TechProcess Payment Services – Tencent – Uber – Union Bank – Union Bank of India – UrbanClap – Venture Infotek – Verisk Financial Research – Visa – Vodafone M-Pesa – Walmart – WeChat Pay – WhatsApp Pay – Wibmo – Wirecard – Yatra – Yes Bank – Zaakpay
Verisk reports delivering market and competitor intelligence on payments cards, e-money, acquiring/processing, retail banking, and consumer credit in the Asia Pacific region. Analysts use primary and secondary source data and conduct in-depth interviews with senior industry executives and Asia Pacific experts.
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