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Credit Cards in India
As at 31st December 2010, the number of credit cards in India has continue to slide to 18.102 million, a significant decrease of 2.543 million or 12.32% compares to 20.645 million credit card in the same period 2009. In the meantime, as at 31st December 2010, the number of debit cards in India has continue to climb to 216.039 million, a significant increase of 45.471 million or 26.66% compares to 170.568 million debit card in the same period 2009.
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Total Card Payments in Volume and Value
For 2010, there are 255.032 million of credit card payment transactions in India, an increase of 17.724 million or 7.47% compares to 237.308 million in 2009. The total credit card payments for 2010 is Rs 71461.50 crore in value, a significant increase of Rs 10921.19 crore or 18.04% compares to Rs 60540.31 crore in 2009. Despite the continuous decrease in number of credit card in India, it does not affect the total credit cards payments transaction volume and value.
In the meantime, there are 219.033 million of debit card payment transactions in India for 2010, an increase of 60.357 million or 38.04% compares to 158.676 million in 2009. The total debit card payments for 2010 is Rs 35445.86 crore in value, an increase of Rs 11332.33 crore or 47% compares to Rs 24113.53 crore in 2009. The significant increase in debit card payments volume and value in India is in accordance with the 26.66% growth in number of debit cards.
Credit Cards in India 2008-2009
As at 31st December 2009, there are 20.645 million credit cards in India, a significant decrease of 5.508 million or 21.06% compares to 26.153 million in the same period 2008. As at 30th April 2010, the number of credit cards in India fluctuate further to 19.288 million. Nonetheless, this is an increase of 1.005 million or 5.5% compares to 18.283 million in 31st March 2010.
In the meantime, as at 31st December 2009, there are 170.568 million debit cards in India, a significant increase of 43.035 million or 33.74% compares to 127.533 million in the same period 2008. As at 30th April 2010, the number of debit cards has continue to climb to a record high of 184.791 million in India. This is a contrast compares to credit card which has continue to decline from an all time high of 28.312 million in April 2008.
However, the decline in number of credit cards is expected as banks in India turned cautious due to an Indian Cards Council report that nonpayment on credit cards had risen to 20 percent between April 2008 and March 2009, compared with a rate of 6 percent the previous year.
Total Card Payments in Volume and Value 2008-2009
For 2009, there are 237.308 million of credit card payment transactions in India, a decrease of 21.879 million or 8.44% compares to 259.187 million in 2008. The total credit card payments for 2009 is Rs 60540.31 crore in value, a decrease of Rs 5972.62 crore or 8.98% compares to Rs 66512.93 crore in 2008. The decrease in credit card payments volume and value is in accordance with the reduction in number of credit cards. However, the credit card payments volume and value has decrease by about 9% even though the number of credit cards has reduced by 21%.
In the meantime, there are 158.676 million of debit card payment transactions in India for 2009, an increase of 40.623 million or 34.41% compares to 118.053 million in 2008. The total debit card payments for 2009 is Rs 24113.53 crore in value, an increase of Rs 6929.11 crore or 40.32% compares to Rs 17184.42 crore in 2008. The significant increase in debit card payments volume and value is in accordance with the growth in number of debit cards.
Retail Finance in India
The Indian economy has grown steadily over the last two decades with a rapidly growing Banking and Financial Services sector based on sound fundamentals (low NPAs, Basel I compliant).
India’s central bank, Reserve Bank of India (RBI) is the regulator for the Banking and Financial Services industry.
As reported, Retail Finance in India(housing loan, auto loan, personal loan, education loan, consumer durable loan and credit card) is expected to grow at an annual rate of 18%, from US$27.6 billion in 2003-04 to over US$75 billion by 2010.
And credit card is one of the most common lending segment for consumers in India. Hence we've decided to take the first step and putting the necessary efforts in creating this credit card offers section.
The Indian credit cards market is expected to grow at CAGR of nearly 25% between 2008-09 and 2011-12. Traveling, dining and jewelry are the top three purchases that Indians make through credit cards.
The main purpose is helping the Indian to make credit cards comparison before applying for one that suit them best.
All these processes(comparing and applying) can be made online, thanks to the fact that India is an early adopter of online credit card application facility and technology in Asia.
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