RNCOS Research: Indians Using Plastic Cards For Spending To Touch 68% By 2008

Added: (Mon Jun 05 2006)

Pressbox (Press Release) - RNCOS Research: (http://www.rncos.com/Report/IM037.htm) With India on the path of rapid economic development, there has been an unprecedented rise in the volume of customers and an identical growth in their spending capacities. At last the credit card sector is making headway in the Indian market with very strong possibilities of progress and development.

In India, majority of the retail expenditure is transacted through credit cards, if latest available reports are to be believed. At present they represent over 42% of the retail expenses and are estimated to cross the 68% mark by 2008.

Growing numbers of banks are exhorting their clients to avail the benefits of credit cards. Apart from the free gifts and offers dished out, the clients find it extremely handy to carry around a credit card instead of unwieldy wad of notes. Majority of the bills--utility bills inclusive, can be paid through credit cards. Indians consider credit cards as a mark of class.

Industry experts project a 27-32% rate of growth for the credit card sector in India. Presently there are about 13 million credit cards in India.

RNCOS’ recent market research report titled “Indian Retail Banking Sector Analysis (2006)”, reveals that although State Bank of India is the leading bank conglomerate in India, it had only 1.5 million credit card holders on its roll in 2005, whereas its rival, a key private bank—ranking second in India, had 3.25 million or twice the number of clients.

As per industry forecasts made by the expert’s analysts at RNCOS, this is a temporary phenomenon and the enduring trend is certainly going to be very divergent if India pursues the path chosen by industrial nations.

The market analysts assert that though banks are finding inventive methods of promoting their cards to clients, cardholders have become wiser and can safeguard their interests.

This report offers a comprehensive outline of the prospects, difficulties and vital reasons for profitable development of the industry. It also includes the latest events and other interesting matters regarding the retail banking industry. The report wraps up with a discourse on the key operators in the Retail banking industry.

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