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Credit/Debit Card Base In India To Double To 100 Million By 2010

If e-commerce has to take off, there should be adequate credit card penetration too. DNA has some statistics about the plastic card payment industry. Visa, which accounts for 70 per cent of the total card industry, thinks its total cards in circulation (both debit and credit) are expected to more than double to 100 million by 2010 from around 45 million currently.
Alongwith this the purchase volumes are also expected to treble to $21 billion from $7 billion currently, DNA reports, quoting Santanu Mukherjee, country manager, Visa, South Asia.
India currently has 45 million cards under circulation of which 13 million are credit and 32 million debit. This base is expected to grow at 40 per cent year-on-year. The retail sales volume of $7 billion (650 million transactions) a year is growing at 60 per cent.
E-commerce (online ticketing and auctions etc) will see an increased participation as the card penetration takes off.