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India Country Report

  • Published Date: September 2019

A comprehensive overview of the cards, payments and consumer banking market in India.


Available for 72 markets, Lafferty Research Country Reports deliver invaluable market and competitor intelligence on payments cards, e-money, acquiring/processing, retail banking, and consumer credit. A dedicated team of analysts and researchers use both primary and secondary source data, and conduct in-depth interviews with senior industry executives and experts.

What you will learn from this report:

  • How the government and central bank is working to stimulate digital payments.
  • What alternative digital payment options are rapidly gaining ground.
  • Who the new P2P players entering the market are and how they pose a threat to market leader Paytm.
  • How the credit card market could be set for rapid expansion.
  • How QR codes are set to revolutionise payment acceptance in India.

India Cards and Payments Key facts

  • India is arguably the fastest growing payments market globally, yet massive untapped potential remains as the population migrates to non-cash payments.
  • Cash remains an important component of the Indian economy, but digital payments are growing rapidly with alternative acceptance infrastructures being rolled out to support them.
  • The government and RBI have been aggressive in their promotion of digital payments, putting regulation and infrastructure in place to stimulate the market.
  • The government's latest proposal, to abolish merchant fees for digital payments is designed to stimulate the market further but could equally discourage investment with a key revenue source removed.
  • Advances in the payments infrastructure such as the Unified Payments Interface (UPI) has enabled mobile payments to develop rapidly.
  • POS terminal penetration remains low despite strong growth, but a focus on QR code acceptance is allowing for broader non-card payment acceptance, pulling smaller merchants into the digital payment fold.
  • The country's credit cards market is small but is set for rapid expansion as banks and new players such as Paytm look beyond the small affluent segment.
  • RuPay debit has successfully challenged the global networks but it remains to be seen if it can repeat its success in credit cards.
  • Debit cards are still mainly used for cash withdrawals but overtook credit card purchase volume in 2017 and are also increasing healthily in online spend.
  • Competition in the digital payments space is heating up. Paytm remains the largest mobile wallet and P2P provider in India, but it is not insulated from competition.

View the India Country Report Table of Contents

Key facts
Demographics and the economy
Payments environment
Cards market
Mobile payments
Profit pool
The networks
Key retail banks and issuers
Acquiring and processing
Online acquiring
Regulatory and other cards market information

Appendices: Data

Appendix I: Demographics and the economy

  • Demographic and economic indicators
  • Ownership of key consumer devices
  • Internet usage by population

Appendix II: Payments environment

  • Access points
  • Account penetration
  • Consumer payment trends
  • B2C e-commerce payment methods

Appendix III: Cards market

  • Total cards payment metrics
  • Contactless cards metrics
  • Credit card numbers
  • Total credit cards metrics
  • Credit cards profitability indicators
  • Debit cards numbers
  • Debit cards metrics
  • Appendix IV: Mobile payments
  • Mobile proximity payment metrics
  • Mobile P2P payments

Appendix V: Profit pool

  • Profit pool

Appendix VI: The networks

  • Networks' credit card market shares
  • Networks' credit card numbers
  • Networks' credit card billed volume
  • Networks' number of credit card transactions
  • Networks' average credit card transaction value
  • Credit card interchange fees by network
  • Networks' debit card market shares
  • Networks' debit card numbers
  • Networks' debit card billed volume
  • Networks' number of debit card transactions
  • Networks' average debit card transaction value
  • Debit card interchange fees by network

Appendix VII: Key retail banks and issuers

  • Key credit card issuers market shares by credit card numbers
  • Key issuers market shares in credit card outstandings
  • Key debit card issuers market shares by debit card numbers

Appendix VIII: Acquiring and processing

  • Merchant acquirer credit card market share
  • Credit card merchant service charges
  • Merchant acquirer debit card market share
  • Debit card merchant service charges
  • Credit card issuer/issuing processor relationships
  • Credit card acquirer/acquiring processor relationships
  • Credit card issuing processor market shares by card numbers
  • Credit card acquiring processor market shares by number of POS transactions

Appendix IX: Online acquiring

  • Online merchant acquirer market share


Entities referenced in this report

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
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

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Available for 72 markets, Verisk Financial Research Country Reports deliver invaluable market and competitor intelligence on payments cards, e-money, acquiring/processing, retail banking, and consumer credit. A dedicated team of analysts and researchers use both primary and secondary source data, and conduct in-depth interviews with senior industry executives and experts.

See more Asia-Pacific Country Reports or explore the full range of Verisk Financial Research Country Reports.

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