POS Terminals to Register Significant Growth in India Debit Cards Market until 2024

Increasing disposable income coupled with improved standards of living to drive the growth of India debit cards market through 2024

According to TechSci Research report, “India Debit Cards Market By System Types, By Type, By Payment Terminals, Competition, Forecast & Opportunities, 2024”, India debit cards market is expected to grow at a formidable rate during the forecast period on account of their convenience and standardized payment experience. Additionally, the debit cards are internationally accepted since infrastructures like Mastercard and VISA are available globally. However, there has been a significant decline in the numbers of debit cards owing to the increasing popularity of other payment options such as Paytm, Google Pay, UPI, among others. Moreover, the reluctance of merchants in accepting card payments due to the high charges is further restricting the growth of the market. The problem is more acute for small merchants, which prompted the government in December to subsidise card transactions of up to INR2,000.

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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 categorized 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 using online types at POS requires an electronic authorization device and sometimes also a separate PIN pad to enter the PIN. Based on type, the market can be fragmented into mastercard, visa, RuPay, visa electron, maestro, contactless and others. The mastercard segment is expected to register the highest CAGR during the forecast period owing to their worldwide acceptance and excellent features & benefits. On the basis of payment terminals, the market can be divided into POS and ATMs. The POS segment is expected to grow at a significant pace during the forecast period on account of digitalization of Indian economy.

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 are some of the leading players operating in India debit cards market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share.

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“Majority of Indians are still apprehensive about digital and card payments. However, if a concerted efforts are made by the industry to gain consumer trust and introduce audio-visual messaging to give confidence to customers to use such payment methods, then their adoption can be increased.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“India Debit Card Market By System Types, By Type, By Payment Terminals, Competition, Forecast & Opportunities, 2024”, has evaluated the future growth potential of India debit cards market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in India debit card market.

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