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Banks are focused on urban and semi-urban markets
The Indian credit card market is anticipated to grow at a CAGR of more than 25% during 2020-2025, on account of rising popularity of credit cards and growing trend of purchasing products first and paying later.
In India, the credit card user base was 47 million in 2019, said the “India Credit Card Market” by ResearchAndMarkets.
Though the Indian market is smaller when compared with its counterpart debit card, it is anticipated to witness significant growth in the coming years. With increasing popularity of credit cards, banks are focusing on urban and semi-urban markets in order to increase their share in the market.
Major players operating in the country include HDFC Bank Limited, SBI Cards and Payment Services Limited, ICICI Bank Limited, Axis Bank Limited, Citibank India, and Bank of Baroda, among others. fiinews.com
