The
credit card industry has grown tremendously in India. Smooth onboarding
journeys, differentiated products, personalized offers & rewards, and
better mobile apps, have proved to be greatly beneficial to existing customers
and have helped attract new ones as well. With the emergence of e-commerce, the
adoption of contactless payments, and changes in the value proposition, the
post-pandemic credit card space has undergone considerable change and is
evolving constantly.
Traditionally,
credit card issuers have focused on customers belonging to high-income,
salaried professionals, residing in tier-I cities, and those with a good credit
score. There is an emerging need to penetrate newer segments in order to
broaden the customer base for credit cards and encourage their widespread
adoption.
Read
below where we look at the credit card landscape and how it compares with other
modes of digital payments