Top Credit Card Companies in India, credit card industry

Competitive Landscape Of Indian Credit Card Industry, 2022

Traditionally, Indian Credit Card Industry has been dominated by banks such as HDFC, SBI, ICICI and Axis. However, FinTechs such as Slice, OneCard, Uni Cards, PostPe, LazyPay are disrupting the banking space by changing the whole ecosystem of how banks traditionally work and bringing in a digital change across all segments. In the last few years, the credit space has seen some of the most popular offerings globally by neobanks. New players are entering the credit space in India and have started providing credit cards and digital lending via BNPL, EMI and other services. These FinTech start-ups are also partnering with traditional banks to launch new products and services in the untapped market. These Credit Card issuing Platforms in India compete on the basis of user-friendly interface, easy and quick KYC norms, advertisement, wide range of investment options they offer, EMI/loans, NIP and low transaction fees. One of the major competition parameters is facilitation of secure transactions, rewards and cashbacks provided for traction of users, hassle free payments without waiting for OTPs, transparency and service diversification such as wallet options, using virtual credit cards as mode of payment for buying goods/services instead of fiat currency being provided by the credit card issuing platforms to their users. Credit card companies often offer 0% APR on purchases and/or balance transfers for a limited period of time with better promotional incentives in case of personal cards which has led to higher issuance of these cards when compared to credit cards issued for commercial purposes. However, in coming years, the international credit card issuing platforms are eyeing a piece of the Indian credit card, either through independent operations or co-branding partnerships. In essence, the credit card industry has a lot more potential to flourish across the country if its pain points can be resolved fast, paving the path for a robust penetration of Credit cards

Apart from covering comparison dynamics between major credit card issuing platforms in India, the report also provides comprehensive insights on the company profiles of leading fintech’s and bank in the ecosystem. The profiles of fintech’s cover various parameters such as Company Overview, About the Company, Revenue Model, Funding and Investors, Key Features, Fee Structure, Product Offered, Strengths, Recent Developments, Key Takeaways and Financials and profiles of banks incorporates Bank Overview, About the Company, Business Model, Product Offered, Key Features, Strengths, Recent Developments and Key Takeaways.

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Future Outlook and Projections of Indian Credit Card Industry, 2023-2027E

Indian credit card industry is expected to expand with a CAGR of XX% in between FY’22 and FY’27 on the basis of revenue generated. It is anticipated that credit card industry will grow at a substantial rate owing to factors such as due to wider acceptability at shops and better product offerings in a competitive landscape in the coming years. India has been culturally conservative towards credit and it is always seen as a debt trap instrument. But new-age start-ups are very focused on changing this mentality by creating awareness about how credit cards and BNPL can be used for daily expenditure. Many new FinTechs will be entering the Indian credit card space by offering credit cards to individuals and corporates. All FinTechs in this space are trying to attract customers through their digital offerings and will witness significant growth in new credit card customers in the coming years. FinTechs are also focusing on bringing out co-branded cards with features and rewards dedicated to a segment. Co-branding has enabled banks to acquire customers fast and at a lower cost. There are co-branded credit cards in the market which are specifically designed for market players. Banks are also exploring partnerships with FinTech players to acquire new customers to their platforms. Banks are actively participating to provide open APIs to the FinTechs to leverage their ecosystem and on-board new credit card customers. Banks should focus on bringing these FinTechs on board with co-branded partnerships in the credit card space. The focus should be on introducing more propositions in the high-spend categories. This will help banks to not only provide better offerings to their existing customer base and acquire new customers but also earn higher interchange.

Some global players are providing best-in-class credit solutions with the latest mobile application features such as digital onboarding, enhanced UX/UI, single click payment, QR, token-based payments, dispute resolution, in-app support and spend analysis. Traditional players need to take a cue from these players to enhance their offerings in the coming future. The credit EMI market has traditionally been dominated by offline retail. However, due to advent of COVID-19, online buying is gaining traction among the customers. Players in this sector need to focus more on building the Omni channel ecosystem to cater to both the offline and online market.

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Key Segments Covered in Indian Credit Card Industry

Indian Credit Card Market

By Purpose of Usage

Shopping/ Non-ATM Purpose
ATM Withdrawals

By Payment System Operator

Regular VISA
Peer to Peer Mastercard
Rupay
America Express
Others

By Type of Credit Card

Personal Credit Card
Commercial Credit Card

By Average Ticket Size of Loan Disbursement

Less than Rs. 25,000
Between Rs 25,000- Rs. 50,000
Between Rs. 50,000- Rs. 100,000
More than Rs. 100,000

Business Model Analysis of NewGen Cards
Business Model Analysis of BNPL Cards
Business Model Analysis of Loan EMI Cards

Overview of India Credit Card Industry

Comparison of Indian Credit Card Industry with Other Countries
Value Chain Analysis of Credit Cards
Scope for the Credit card in Semi-Urban and Rural India

Key Target Audience

Credit Card Issuing Banks
New Gen Credit Cards Players
Traders Loan EMI Credit Cards Players
Banking Institutions Payment System Operators
Regulatory Bodies BNPL Credit Cards Players
FinTechs
Various International Digital Lending Platforms and Players
New Entrants in Credit Card Space
Potential Credit Card Users

Time Period Captured in the Report:

Historical Period: FY’2017-FY’2022
Forecast Period: FY’2022-FY’2027F

Indian Credit Card Industry Players/Ecosystem

Credit Card Issuing Banks

HDFC Bank
SBI
ICICI
Axis Bank
IDFC Bank
RBL
IndusInd Bank
Citibank
Bank of Baroda
Standard Chartered Bank
Kotak Bank
South Indian Bank

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New Gen Credit Cards

Slice
OneCard
UniPay Card

Loan EMI Credit Cards

Bajaj Finserv
Tata Capital
HDFC EasyEMI
Home Credit India

Cards BNPL Credit Cards

Simpl
ZestMoney
LazyPay
CASHe
PostPe
Amazon Pay Later
Flipkart Pay Later
Ola Postpaid
Paytm Postpaid
Flexmoney
ICICI PayLater

Payment System Operators

Visa
Mastercard
American Express
Rupay
UPI

Key Topics Covered in the Report

Overview and Genesis of Indian Credit Card Market
India Credit Card Industry Cycle
Overview of Credit Card Services/ Products
Consumption Expenditure and Borrowing Trends
Emerging business models- Loan against Credit Cards
Socio-Demographic Outlook of India
Economic Outlook of India
Bank Loan Rates

Financing Options in India

Overview of India’s Banking Industry
Digital Payment Growth v/s Cash Payment Growth
India Credit Card Industry Introduction
Comparison of Indian Credit Card Industry with Other Countries
Ecosystem of Entities in the Indian Credit Card Industry
Value Chain Analysis of Credit Cards
India Credit Card Market Sizing on the basis of number of credit cards outstanding, Number of Credit Cards Issued by Issuer Bank. Credit Card Transaction by Volume & Value and Annual Credit Card Spend and Monthly Transactions
India Credit Card Market Segmentation (By Purpose of Usage, By Payment System Operator, By Type of Credit Card, By Average Ticket Size of Loan Disbursement).
Business Model Analysis of NewGen Cards

Cross Comparison of Major Players in the NewGen Cards Segment

Business Model Analysis of BNPL Cards

Cross Comparison of Major Players in the BNPL Cards Segment

Business Model Analysis of Loan EMI Cards

Cross Comparison of Major Players in the Loan EMI Cards Segment

Trends and Developments
Growth Drivers of the Indian Credit Card Industry
Restraints and Challenges
Alternative Assessment for NIP (No-Income-Proof) Customers for Credit Card Offerings
Collection risks associated with credit card
Key Metrics of Credit Card Issuers in India
Government Initiatives in the Indian Credit Card Industry
Pradhan Mantri Jan Dhan Yojana (PMJDY)
Pradhan Mantri Jan Dhan Awas Yojana (PMAY)
Initiatives to Promote Access to Data & Innovation
Regulatory Sandbox
Launch of India Stack
Recognising P2P Lenders
Increase in number of Fintech start-ups
Growth of Digital Lending,
Credit Growth in Rural India
Evaluation of KYC Norms

Company profile of major Bank players operating in the ecosystem (Bank Overview, About the Company, Business Model, Product Offered, Key Features, Strengths, Recent Developments and Key Takeaways)
Company profile of major FinTechs players operating in the ecosystem (Company Overview, About the Company, Revenue Model, Funding and Investors, Key Features, Fee Structure, Product Offered, Strengths, Recent Developments, Key Takeaways and Financials)
Analyst Recommendations
Industry Speaks

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