The use of plastic over cash to pay for goods and services continues to grow around the world and Mumbai is no exception. After four years of rather slow growth, it looks like the credit card industry in that country may begin to see some improvement this year.
A Report from Worldline a European-based provider of electronic payments and high tech transaction services says that credit card users will reach 19 million by next month up from approximately 18 million. While this is promising news in today’s sluggish world economy, it in no way compares to the same time period in 2009 when that number stood at 25 million credit card users.
Debit cards too are expected to grow to an estimated 17% or 327 million with banks adding as many as 50 million cards annually. State run banks will see the major share in this growth. But transactions for credit cards are expected to be almost double that of debit cards.
Point of sale terminals and associated growth which has been to date dominated by private banks, has begun to see interest from large public banks and the industry is poised to see substantial growth, particularly within the private banking sector.
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