Competitive Pressure:

The industry’s products underwent significant changes during the review period, due to competitive pressure. To remain competitive, retain and gain channel share, banks now offer cards across multiple segments. The SBI and Axis Bank have launched debit cards aimed at the younger (18–30 years) population, ICICI and Axis bank have extensive lines of cards for corporate customers, while HDFC, IDBI and ICICI Bank have launched debit cards exclusively for the female population. Most banks have also launched cards targeting HNWIs.

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Online trade dynamics

The growing market for online trade and e-commerce in India is one of the primary factors responsible for the expansion of the country’s card payments channel. Although cash on delivery is emerging as a preferred mode of payment for online shopping in India, credit and debit cards still dominate the market due to promotional offers, such as discounts and coupons, offered by credit and debit card issuers such as Citibank, HSBC and HDFC.

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To encourage debit card payments for online purchases, RBI reduced transaction charges from 1.8% to a maximum of 1% in 2012. The transaction fee for an online debit card payment of any retail purchase up to INR2,000 (US$37.4) is charged at 0.75% of the purchase value. The benefits offered by online retail are expected to further increase credit and debit card use, as these factors encourage consumers to experiment with cashless purchases.

Retail dynamics

The evolution of the Indian retail sector has significantly impacted the way in which consumers make purchasing decisions, with traditional kirana stores, small family owned retail grocery shops, making way for department stores, supermarkets, hypermarkets and specialty stores. However, the market reach of these chains and new retail formats is still very much limited to urban and semi-urban centers.

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The Indian retail sector is dominated by unorganized formats such as small nearby shops, footpath retail shops and traditional kirana stores that constitute large amount of cash rather than card payments. Unorganized retail accounted for around 80% of the total retail industry. Notably in 2012, the Indian government opened the country’s retail market to foreign investment, which has made way for the proportion of organized retail formats and modern payment channels.

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