India Debit Cards Market By System Types, Industry Size, Share, Trends, Opportunity and Forecast 2024 - TechSci Research

India debit cards market is expected to grow at a formidable rate during the forecast period. Improving consumer financial status and lifestyle are the key factors driving the India debit cards market. Additionally, the November 2016 demonetization, increased the use of debit cards in the country, thereby further propelling growth in the market. Furthermore, features such as no debt, theft protection, no fees, no requirement of application or credit score, among others associated with debit cards, are fueling their demand across the country.

The India debit cards market is segmented based on system types, type, payment terminals, region and company. Based on system types, the market can be fragmented into online, offline, electronic pulse card systems and prepaid debit cards. The offline system types are expected to dominate the market during forecast period since they are used at the point of sale just like the credit cards. These may be subjected to a daily limit, and/or a maximum limit equal to the current/checking account balance from which it draws funds. Transactions conducted with offline debit cards require 2–3 days to be reflected on users’ account balances. Based on type, the market can be categorized into Mastercard, Visa, RuPay, Visa Electron, Maestro, Contactless and others. The visa card type is expected to hold the largest market share during forecast period. This can be attributed to the factor that visa offers the verified by visa platform for enhanced security during online transactions. Based on payment terminals, the market can be bifurcated into POS and ATMs. The POS terminals are expected to register significant growth during forecast period attributable to the high cost of setting up and maintaining ATM machines.

The major players operating in the debit cards market are State Bank of India, Punjab National Bank International Ltd., Axis Bank Limited, HDFC Bank Ltd., ICICI Bank Ltd, IndusInd Bank Limited, Yes Bank Limited, HSBC Holdings plc., IDBI Bank Limited, Kotak Mahindra Bank Ltd others. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments.

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Years considered for this report:

Historical Years: 2014-2017

Base Year: 2018

Estimated Year: 2019

Forecast Period: 2020–2024

Objective of the Study:

  • To analyze and forecast the market size of India debit cards market.
  • To classify and forecast India debit cards market based on system types, type, payment terminals, company and regional distribution.
  • To identify drivers and challenges for India debit cards market.
  • To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in India debit cards market.
  • To conduct pricing analysis for India debit cards market.
  • To identify and analyze the profile of leading players operating in India debit cards market.


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TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the country. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the manufacturers, distribution channels and presence of all major players across the country.

TechSci Research calculated the market size of India debit cards market by using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.


Key Target Audience:

  • Debit card manufacturers and suppliers
  • Market research and consulting firms
  • Government bodies such as regulating authorities and policy makers
  • Organizations, forums and alliances related to debit cards

The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.

Report Scope:

In this report, India debit cards market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

  • Market, By System Type:
    • Online
    • Offline
    • Electronic Pulse Card Systems
    • Prepaid Debit Cards
  • Market, By Type:
    • Mastercard
    • Visa
    • RuPay
    • Visa Electron
    • Maestro
    • Contactless
    • Others
  • Market, By Payment Terminals:
    • POS
    • ATMs
  • Regions:

o   North

o   South

o   East

o   West

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in India debit cards market.

About TechSci Research

TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research-based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.

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