News

Credit Card Use in India Low: Mastercard Survey

Monday 27 December 2004 20:34 CET | News

Contrary to Middle-eastern economies, credit card industry in India is still at a nascent stage with only 14 per cent of Indian respondents owning a card, accordingly to a Mastercard International survey.

This is in sharp contrast to UAE and Kuwait where 63 per cent and 50 per cent of those surveyed had a payment card. The credit card spend by Indians was also low with 73 per cent of Indians spending on an average less than US$35 each month, compared to only 6 per cent in UAE. Similarly, only 2 per cent Indians spend over US$300 per month as against 58 per cent of the cardholders in the UAE. The frequency of use in the country was way below with only 6-10 per cent using their cards compared to 31 per cent in UAE during a month. A majority 72 per cent of Indians use their cards less than twice a month compared to only 15 per cent in the middle-eastern country. The survey, which was also conducted simultaneously in Egypt, Lebanon and Saudi Arabia, also showed differences in consumer spend with most Indians using their cards on clothing while the majority of cardholders in other countries used it on grocery shopping. The survey queried over 200 credit cardholders in Delhi and Mumbai


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: ,
Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce


Related

Smart Cards and Biometric Identification is Mushrooming

Published 22 Jul 2006 10:32 CET | World
A recent ChangeWave Research survey of homeland security professionals shows a surge occurring in everyday use of Smart Cards and Biometric ID systems. The ChangeWave Research survey makes a powerful case for Biometric ID and Smart Card solutions, and a great deal of the enthusiasm is coming from the private sector....

Forrester Research Sees The End Of The Line For Vintage Banking Platforms

Published 12 Dec 2004 23:05 CET | World
A recent Forrester Research survey showed that application renewal is one of the top IT concerns of European banks....