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Discuss Credit Cards within the Miscellaneous Projects forums, part of the PUBLISH / UPLOAD PROJECT OR DOWNLOAD REFERENCE PROJECT category; INTRODUCTION Though the credit card industry in India has seen the boom time only in the late 80’s, the “plastic ...

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Sunanda K. Chavan
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Credit Cards - October 19th, 2010

INTRODUCTION

Though the credit card industry in India has seen the boom time only in the late 80’s, the “plastic card concept” is not a new one here India is the fastest growing market with immense growth potentials for credit cards.
According to the optimistic estimates the Indian market which is now roughly 1.2 million is expected to be the biggest market outside U.S.A by 2005 AD. As the economy matures cash as a payment mechanism will be replace by the plastic money i.e. the credit card. This shift will primarily happen because of the change in the customer attitude and the evolution of the financial markets in the payment services area.
Industry growth is estimated at 30-40 percent a year now.
As the credit card market gets ready for big spending in volumes from the current volume of 7,50,000 cards to more then 5 million cards in 3 years as bank. India as well as internations are racing for larger shares. With banks concentrating more on the profitable business, credit cards will become an important factor to boost sagging bottom lines.
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