India is emerging as a top destination for credit
card users as country’s credit card base is nearing the pre-crisis level as
plastic money to gains acceptance in non-urban geographies also.
The outstanding number of credit cards was 19.95 million
at the end of October 2014, the Reserve Bank of India (RBI)'s latest data
showed. Bankers claimed the card base had probably topped 20 million in the
last two months, for the first time since February 2010.
The exponential growth in India's e-commerce space
has helped. The country's 213-million internet population, as on 2013, saw five
million additions every month. Consumers are now buying almost everything
online - groceries, apparel, furniture, jewellery - and on most occasions are
using cards for payments.
The entry of credit information companies has helped
banks access comprehensive data of credit history of consumers. A study showed
the average credit limits on credit cards had gone up in 2014 across the top 10
cities.
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