Outside of Japan, India was the fastest growing JCB region in 2021, accounting for 29% of total JCB growth
TOKYO & LONDON, Nov 29, 2022 – (JCN Newswire) – JCB International Co., Ltd., the international operations subsidiary of JCB Co., Ltd., has identified a significant opportunity for European merchants and acquirers to tap into the rapidly growing Indian payments market, with JCB’s data showing a 70% growth in Cardmembers between Q4 of 2021 and Q2 of 2022.
Projected to have the third-largest number of high-income households by 2030, the region is set to contribute $1.8 trillion to global consumption growth.
Traditionally a “cash-first” society, there has been a significant shift towards digital and card payments as part of a “less-cash” movement in recent years. This has been accelerated by government initiatives such as Digital India introduced with the specific aim to “transform India into a digitally empowered society and knowledge economy”.
The National Payment Corporation of India (NPCI), set up by the Reserve Bank of India and Indian Banks’ Association, has been a major factor in enabling widespread digital payments in the region. Reinvesting profits into growing India’s payment ecosystem, the umbrella organizations operate retail and settlement payment systems throughout India and has a comprehensive services portfolio that makes them a central figure in the market.
In terms of spending, research shows most Indians are optimistic in the wake of the Covid-19 pandemic, with consumer and retail spending including fresh produce, health and wellness goods, new vehicle purchases, and travel. As restrictions ease and travel is possible once more, the appetite to do so has only intensified, with outbound tourism set to surpass $42 billion by 2024 and Indian firms expected to facilitate easier travel through better connected flights. Already one of the world’s fastest growing aviation markets in 2019, there is an expectation that the number of …