To target frequent travelers with annual income of Rs 6 lakhs or more
Amex partnering with Makemytrip and Payback
Amex payback launched in June 2013
'At Amex, 30% of total spends is done online of which nearly 50% is for online travel booking.'- Manoj Adlakha, CEO, Amex
As per industry analysts, online travel now accounts for 71% of India's Rs 63,000 crore e-commerce market.
Financial services: 50%
Mobile networks: 40%
Technology brands: 36%
Result of survey of over 2,500 online respondents in India conducted by Aimia
"Within 2 months, our mobile wallet user base will exceed credit card penetration in India."
- Amit Lakhotia, Paytm
"One day I should be able to pay my auto fare by tapping my phone on the meter."
- Bhaktka Keshavachar, EzeTap
"Mobile has evolved from communication device to desktop extension and now to extension of life."
- Sunit Singh, Clear trip
" The last material goods which monks seem to hang on to is the mobile phone!"
-Govind Shuvkumar, LGT Ventures
Apart from being a transparent card, this card will have an extended period for repaying of retail purchases for the first two bill cycles by paying minimum amount due.
As a part of retail expansion strategy, IDBI is planning to launch credit cards.
Also the bank is going to expand to 2,000 branches by March, 2015.
China has trillion dollars in spending and Turkey has $ 170 billion of credit card spending. In Brazil, it is $180 billion. In India, credit and debit card cumulative spending is $44-45 billion at point of sale and credit card is less than $30 billion.
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Google in talks with Airtel to pay for Google Play store content through the service provider and the customers will be charged directly to their phone bills.
Currently Airtel has nearly 40 million data subscribers in India of which 12.5 million are on 3G.
SBI will issue a credit card with credit limit of INR 5,000 guaranteed by the parents along with each education loan.
At June, 2014, Sbi education loan portfolio stands at INR 14,495 crore (7.21% growth Y-O-Y).
Credit card outstanding: Rs 27,300 crore (18% growth)
Consumer loans outstanding: Rs 14,100 crore (53% growth)
1. Repayment history (35%)
2. Credit utilization ratio (30%)
3. Duration or longevity of debt (15%)
4. Amount of new credit taken or applied for (10%)
5. Mix of credit (10%)
1. Repayment history (35%)
2. Credit utilization ratio (30%)
3. Duration or longevity of debt (15%)
4. Amount of new credit taken or applied for (10%)
5. Mix of credit (10%)
ICICI Bank unsecured portfolio of credit cards and personal loan stands at Rs 7,270 crore at March, 2014 (2.1% of the bank's overall loan book).
During FY13-14, ICICI Bank net added 0.3 million cards to portfolio- more than any other Indian bank while HDFC Bank trimmed its credit card base by 1.39 million cleaning dormant & inactive customers.
SBI & Citi bank added 0.26 million & 0.05 million respectively.
Axis: +0.27 million
HSBC: -0.01 million
SCB: -0.19 million
Total number of outstanding credit cards stood at 19.23 million at April, 2014 vs 19.55 million a year ago.
Credit card POS spends at Rs 14,577 crore in April, 2014 vs Rs 12,418 crore a year ago
Considerable growth from all round performance in retail (especially in mortgage & cards).
Total assets stands at Rs 144,981 crore (9% growth)
Opex to income ratio stands at 34%
Outstanding consumer loans stood at Rs 13,700 crore on April 28, 2014 vs Rs 8,600 crore a year ago (60% growth).
CIBIL provides credit history information of 330 million accounts.
Google acknowledged the leak and said it's not because of breach of its system.
Also added In its blog that only 2% of passwords still work.
The number of ATMs has increased to over 1.6 lakhs by March-2014 from over 27,000 at March, 2007 (29% CAGR).
Also number of POS terminals has increased to 10.65 lakhs from 3.2 lakhs during the same period (19% CAGR).
Citi bank has introduced the facility of instant credit card issuance at selective Mumbai and Bangalore branch. Just fill online application along with submission of ID, address and income proof. The application will be assessed on internal parameters and bureau (CIBIL) norms and if passed all checks, personalized embossed card will be handed over the counter.
However, whether card can be immediately used, it depends on whether pin is also being issued over the counter or not.
Recent RBI regulation in regard to requirement of 2 step verification for payment via debit/credit card for goods/services sold/provided in India will have direct impact on Uber, Google & Amazon too. Currently these companies are using international payment gateway to receive payment from debit/credit card in India and don't require to follow 2 step verification. However, the recent regulation will require these companies to modify their existing process or need to come up with some new innovative solution to receive payments.
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