With the continuous rise in middle class households and the shift in consumer spending pattern, the Indian payment card market, which includes both credit cards and debit cards, has been growing rapidly in the recent years. This huge demand for payment cards is providing tremendous growth opportunities for card issuers, suppliers and manufacturers, according to our new research report "Indian Payment Card Market Forecast to 2012”.

We have found that the number of debit cards issued by banks grew at a CAGR of around 40% between FY 2006 and FY 2009, and we anticipate that the future prospects of the industry will remain buoyant, owing to low payment card penetration coupled with surge in card spending due to rising income levels of the Indian population. Moreover, consumer’s preference to the use of cards over cash will boost due to its safety and easy access. Besides, there are many other benefits, like reward points and discounts, offered by merchants as well as bankers, which will lure customers to shop by their payment cards. Moreover, the increasing trend of online shopping has also provided the impetus for the growth of the industry. We have also studied the Indian payment card industry in terms of technology adoption and scope of different technologies in future. >> Read more

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