Journal of Management (JOM)

Volume 5, Issue 3, May–June 2018, pp. 143–151, Article ID: JOM_05_03_018

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PAYMENTS IN INDIA GOING DIGITAL: A

STUDY WITH REFERENCE TO CREDIT CARD
PAYMENTS
Dr. Subramanian.S
Professor of Finance, Dilla University, Ethiopia

ABSTRACT
Payment systems in any country are the most essential part of the economic system
of the country. Digital payment is a way of payment made through digital modes. Cards
are provided by banks to their account holders which remain the most used digital
payment mode till now. Many of us use cards for transferring funds and making digital
payments. Credit cards are innovative instruments in the area of financial services
offered by commercial banks. The movement from paper based payment system to
electronic means of payment facilitates quicker and safer transactions. The movement
can also be easily tracked. This also adds to the accountability of funds in an economy.
The high incidence of cash transactions has an undesirable effect of inability to track
transactions leading to loss of revenue in the form of tax evasion.
In cognizance with this background, the main objective of the study is to make an
attempt to find out whether the credit card is growing up for popularity of digital
payments mode. The study revealed that there is a relationship between volume of
transaction and value of payments. Hence, it is obvious if there is an increase in volume
of transaction; value of payments is also increased but not in outstanding cards
available. The study is based on secondary sources besides being analytical in nature.
The data for the years commencing from the financial year (FY) 2007-08 to 2017-18
have been used in the study. The tools used for analyses are trend, correlation,
percentage and multiple regressions analyzed by SPSS.
Key words: Credit Cards, E-Payments, E-Banking, Digital Payments, Digital Vision,
RBI.
Cite this Article: Dr. Subramanian.S, Payments In India Going Digital: A Study with
Reference To Credit Card Payments. Journal of Management, 5(3), 2018, pp. 143–151.
http://www.iaeme.com/jom/issues.asp?JType=JOM&VType=5&IType=3

1. INTRODUCTION
The banking system of India should not only be hassle free but also be able to meet new
challenges posed by technology and any other external and internal factors. Without a sound
banking system, India cannot have a healthy economy. During the past three decades Indian
banking system has several outstanding achievements to its credit, the most striking is its

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 Dr. Subramanian.S

extensive reach. It is no longer confined to metropolitans or cosmopolitans in India. In fact, it

has reached even the remote corners of the country. This is one of the main reasons for the
growth of Indian economy. In olden days, accepting of deposits and sanctioning loans and
advances to customers were the main functions of banks but to-day banks perform enormous
new functions such as agency function, financing of foreign trade, credit creation. For
performing all these functions efficiently, many new e- payments products such as credit card,
debit card, ATM are used by banks (Gupta, 2007). Indian digital payments industry is expected
to reach $700 billion by 2022 in terms of value of transactions. It is expected that more than 80
per cent of the urban population in India will adopt digital payments as a part of their routine
by 2022 and 70 per cent of the retail chains will adopt the same. (www.reuters.com). E-
payments will offer a transparent environment to compare the cost and quality of services
offered by a variety of financial institutions. As a result, the focus is going to shift from generic
banking service to customized banking services.
Today, banks offer various financial services like ‘internet banking’, ‘mobile-banking’,
‘payment of bills’ on credit cards, ATM withdrawals which have had major impact on the
economic growth besides leading to the reduction of transaction time and increased reach of
banking and financial sector to sections of people previously not exposed to banking and
financial services. A credit card is a monetary instrument that enables the cardholder to obtain
goods and service without actual payment at the time of purchase. It is also popularly known
as plastic money. It can be said that a credit card is basically “Buy Now” “Pay Later” card
provided to the customer. Now –a -days, in view of global business, the individual is not the
icing. This will take the customer and banks edging their way towards cyberspace with
innovative services taken to retain these customers. VISA has also estimated that electronic
payment networks, by increasing the efficiency and velocity of payments has the potential to
create cost savings of at least 1 percent of the GDP annually over paper based systems in any
given economy (www.corporate.visa.com). Bank net India has also revealed that debit cards
have become very popular in India. But, as of date, ATM/Debit cards have still their primary
usage for cash withdrawal from the ATM machines, while credit cards are more popular in
making payments online (www. banknetindia.com). The development of the credit card is one
of the most significant phenomena of the modern financial services scenario.

2. SIGNIFICANCE OF THE STUDY

The number of credit card holdings and usages has been increasing significantly in recent
decades across the globe. This trend is reaching popularity as a preferred mode of payment for
shopping and other various services viz. utility bill payments, online payment across the border
due to convenient method of payment in lieu of cash, checks, pay order or other way of payment
(Themba & Tumedi, 2012). The Indian Government is bringing positive policy framework such
as Goods and Services Tax (GST), financial inclusion, improving digital infrastructure,
launching payment systems such as Aadhar enabled payments, UPI, and others which are
supporting the digital payments industry. In 2016, Indian Government made a significant move
viz. demonetization, to curb black money circulation within the country and to increase digital
payment penetration. It is a phenomenal step made by India towards improving cashless
economy resulting in sharp increase of several digital payment channels in the country. The
changing customer behavior, increasing internet penetration rate, and government policies are
fueling the industry which is indirectly supported by the growing demand for P2P payments, e-
commerce platforms, utility bill payments, and others. The development of digital infrastructure
in India stands out by providing a strong technological ecosystem.
The credit card market in India is about 37.48 million with a value turnover around INR.
4689.65 Billion At the end of March 2018. There is a growth rate of outstanding cards 25.60

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 Payments In India Going Digital: A Study with Reference To Credit Card Payments

per cent from 21.75 per cent and in value of payments growth would be INR 4,589.65 Billion
from 3, 283.82 billion during the FY 2017-18 from 2016-17 respectively in cards available and
by value of payments. It is also reported that growth value of payments from 37.91 per cent to
39. 77 per cent. The market is expected to grow by 50 per cent p.a. The usage of credit cards
has also hit a record high growth in India (39.77%). This would still be a very low penetration
of a potential market of 60 million cardholders. The credit card business is a low-margin, high
volume business. Thus, given the low income per card and the high initial investments by the
bank, large volumes in terms of cards issued and the transactions financed are required to make
the operations profitable.
In March 2010, the value of payments was only INR. 618.24 billion to INR.4589.65 billion.
That shows a leap of 642 (%) per cent in eight years. Credit card payments or plastic money
offers a lot of convenience, it comes at a price. Although, it has become an inseparable part of
our lifestyle, it requires a serious thought. Using a credit card is safer than carrying cash. The
number of defaults has also been reduced in recent years. In this background, the researcher
makes an attempt to examine and analyses whether the credit card payments is growing up
popularity and test whether there is any relationship between outstanding cards, volume of
transaction and value of payments for achieving digital vision strategy is significant of the
study.

3. REVIEW OF LITERATURE
Many empirical studies have been conducted on the subject of ‘Plastic Money’ in India and
abroad. The major emphasis of research has been on various issues like frauds, security, usage
pattern, new method of e-payment, etc. From the review of literature, it was found that hardly
there was an important study which examined the perception of both users and traders on the
usage of plastic money and digital payments.
Dewri et al. (2016) investigated behavioral usage patterns of credit card users in the
emerging economics and how the external factors are influencing the credit card users to use
credit cards in their day-to-day life. The study found that there is a significant relationship
among – earnings and usage of credit limit; different age group has diverse tendency to use
credit card and repayment attitudes; profession and usage behavior of credit card; e-repayment
attitudes to pay bill by different age groups. Sriyalatha, Kumudini. (2016) showed that the most
influential variable on attitude towards credit card usage is card used intention followed by
perceived usefulness and availability of information.
Research evidence reflects that credit card related debt is rising significantly since last
recent decade due to substantial share of household spending across the globe (Arabzadeh et
al., 2015). Aparna Iyer (2013) reveals that safety and security are the new challenges as banks
go electronic even in the hinder land. As banks go more Hi-Tech, the regulator has to
necessarily stay a step ahead. Themba. G and Tumedi .B.G (2012) the study found that credit
card ownership and usage in Botswana are relatively high and that these appear to be influenced
by consumer demographics and in particular income, age, education, gender and marital status
as well as attitude towards debt. Thomas et al. (2010) noted that on average an American carries
4.4 cards in his/her wallet. By contrast the credit card market in India is reported to be low due
to the fact that 40 per cent of the populations do not own a bank account (Khare et al. 2011).
Linda Eagle (2010) report unfolds that as more bank customers begin to use electronic
banking solutions, hackers and money launderers are becoming more creative in their fraud
tactics over the past period. Subramanaian.S (2010), the outcome of the result depends upon
the awareness level of cardholders; they look more satisfied on the awareness level of the card
being issued by the banks. The issuers should take necessary steps to improve their cardholders’
awareness for perennial satisfaction of the cardholders. Subramanian.S and Swaminathan.M

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 Dr. Subramanian.S

(2010) revealed that customers prefer electronic mode of transaction than paper based
instruments which are healthy practices for Indian economic growth. The electronic payments
(EP) options also allow the companies to track the receipts in a more transparent manner and
manage payments and liquidity more efficiently.
Sumanjeet. S (2009) concludes that despite the existence of variety of e-commerce payment
systems, credit cards are the most dominant payment system. Subramanian.S and Swaminathan.
M (2009) revealed that the consumers have now preferred the use of payment cards for these
are safer to carry and provide credit facilities. The growth trend, to some extent, will be
impacted by the current financial turmoil and credit squeeze. Bankers will also become a little
more conscious while doing risk evaluation of credit card applicants. But the overall trend will
remain positive. Gan et.al., (2008) in this study report that the number of credit cards was found
to be significantly influenced by income and gender as well as perceptions that include “credit
cards leads to over spending”, “Saving as payment source”, “unreasonable interest rates”,
“credit card as status symbol.”
Murugesan.S (2007) found that the credit card gives ample scope for the expansion and
growth of business besides recommending more innovative and user-friendly schemes should
be introduced to make more number of people to have credit cards. Parimala .J (2007)
highlighted the marketing environment of credit cards in Trichirappalli. Her major findings
reveal that there is no sufficient merchant establishment to honour credit cards; cardholders
were not aware of all services offered by the issuers and lack of sufficient advertisement and
publicity. Her suggestions to overcome these and reduce charges for penalty, interest, annual
charges are a much scope for growth and expansions of credit cards market. Swarnalatha. N
(2007) analyzed the results of the credit card services. The study was based on the perception
of selected credit cardholders of various issuing banks in Chennai city. This research revealed
that single cardholders are less satisfied than multiple cardholders.

4. METHODOLOGY
The study covers the secondary sources of information collected through reference from books,
IBA journal, RBI Bulletin, Published Articles and related banks Websites. The study covers the
period during the financial year (FY) ending 31st March 2007-08 to 20017-18. The tools used
for analyses are trend, correlation, percentage and multiple regression analysis.

5. RESULTS AND DISCUSSIONS

The following tables and analyses reveal the digital payments through credit cards in India:

Table1 Trend of Outstanding Credit card during the Period from 2007-08 to 2017-18
Outstanding**
Growth rate
*FY Cardholders Trend value
(%)
(In. Millions)
2007-08 27.55 - 19.07
2008-09 24.70 -10.34 19.94
2009-10 18.33 -25.79 20.82
2010-11 18.04 -1.58 21.70
2011-12 17.65 -2.16 22.57
2012-13 19.55 10.76 23.45
2013-14 19.18 -1.89 24.33
2014-15 21.11 10.06 25.20
2015-16 24.51 16.11 26.08
2016-17 29.84 21.75 26.96
2017-18 37.48 25.60 27.83
Source: Compiled from RBI monthly Bulletin, Money and Banking up to May 2018

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 Payments In India Going Digital: A Study with Reference To Credit Card Payments

*FY-12 months commencing from 1st April to 31st March every year.
** Cards outstanding issued by banks (excluding those withdrawn/blocked).
From the table 1, it is found that the number of outstanding cards issued for the various
banks during the financial year ending 2007-08 to 2017-18. This data clearly indicate that
numbers of outstanding cards are growing at phenomenal rate. It has been grown up from 27.55
million to 37.48 million during 2007-08 to 2017-18. During the period 2008-09 to 2009-10, the
outstanding cards are declining from 24.70 million to 18.33(-25.79%) million the reason behind
the impact of global financial turmoil and crisis, the card issuing banks have blocked or
withdrawn for inactive cards (cf: RBI). This impact has continued upto the FY ending of 2011-
12. After revamping and normal course of the banking business, there were sharp rise to 21.11
million from 17.65 million cards circulated during the FY 2014-15 from 2011-12. Due to the
cross selling of product and other banking strategy the issuers /banks has taken steps to
encourage and improve the outstanding number of cards has jumped from 21.11million to 37.48
million (+77.55%) during the period of 2014-15 to 2017-1. It is important to note that current
FY, outstanding cards were the highest growth rate of 25.60 per cent. It reveals that bankers are
very much interested to sell his cards and also customers may be more aware about the usage
of digital money than paper based payment mode.

Table 2 Trend volume of card transaction during the period of 2007-08 to 2017-18
Volume Growth rate
*FY Trend value
(In. Millions) (%)
2007-08 228.20 - 21.51
2008-09 259.56 13.74 128.23
2009-10 234.24 -9.75 234.94
2010-11 265.14 13.19 341.65
2011-12 319.96 20.68 448.37
2012-13 396.61 23.96 555.08
2013-14 509.08 28.36 661.80
2014-15 615.12 20.83 768.51
2015-16 785.73 27.74 875.23
2016-17 1087.13 38.36 981.94
2017-18 1405.16 29.25 1088.66

Table 3 Trend Value of card payments during the periods of 2007-08 to 2017-18
Value Growth rate
*FY Trend value
(INR. in Billions) (%)
2007-08 579.85 - -78.56
2008-09 653.56 12.71 273.44
2009-10 618.24 -5.40 625.45
2010-11 755.16 22.15 977.45
2011-12 966.13 27.94 1329.46
2012-13 1229.51 27.26 1681.47
2013-14 1539.85 25.24 2033.47
2014-15 1899.16 23.33 2385.48
2015-16 2381.20 25.38 2737.48
2016-17 3283.82 37.91 3089.49
2017-18 4589.65 39.77 3441.50
Source: Compiled from RBI monthly Bulletin, Money and Banking up to May 2018
The tables 2 and 3 capture throughout credit cards payment channels during FY ending of
2007-08 to 2016-17 both in terms of value and volume. This data clearly indicate that card

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 Dr. Subramanian.S

payments transactions are growing at phenomenal rate in volume and value. The number of
card users has jumped from 21.11 to 37.48 million during 2014-15 to 2017-18. This number
was merely 17.65 million in 2011-12 (see table 1). The number of card transactions has surged
dramatically as a result. There were 509.08 million transactions as a result of the sharp rise in
card users in 2013-14. At the same time the volume of transactions, which had more than
doubled in FY2013-14 to 509.08 million, grew at a relatively higher growth rate of 28.36 per
cent among the previous years. In the three year-ago, the number of transactions was only
234.24 million due to blocked inactive card for global financial crisis.
Due to the technological development, the proportion of card payment both in terms of
volume and value of payment has increased sharply. This means more people are increasingly
relying on card payment transactions. The value of card transactions jumped into around three
times (INR. 579.85 billion to 1539.85 billion INR) in five year of 2007-08 to 2013-14. Cards
users have found convenience in the use of card payments for transaction. They transfer
payments through cards than ever before. The card banking has been reflecting a growing trend
is increasing by 20.68 per cent (319.96 million from 265.14 million) by volume and 27.94 per
cent (INR.966.13 billion from INR.755.16 billion) by value during the same period of 2010-11
to 2011-12.
In the year 2012-13 and 2013-14, the number of card transaction continuously grows up
from 396.61million to 509.08 million and by value INR1229.51 billion to INR.1539.85 billion.
During the financial years (FY) 2014-15, the total volume of card transaction is further growing
upward trend from 615.12 million to 785.73 million transactions which indicate the growth rate
of 20.83 per cent to 27.74 per cent and the value of transaction from INR 1899.16 billion to
2381.20 billion (+25.38%) which indicates fast growing upwards trends than the previous years.
During 2007-08 to 2014-15, the numbers /volume of card banking transacted from 228.20
million to 615.12 million and in value INR. 579.85 billion to 1899.16 billion of payments
through this mode. It is clearly indicated that the total growth of card transaction around three
times by volume and in value. The FY 2016-17 to 2017-18, volume of transaction is increasing
further to 1405.16 million (+ 29.25%) from 1087.13 million and by values of INR.4589.65
(+39.77%) billion from INR. 3283.82 billion. This implies that the existing card users are
gaining confidence to transact payments frequently through the card mode. It is further
important to reveals that more number of customers preferred card payments which indicate
that the existing users transact larger amount through card banking. It was also found that the
relationship between volume of transactions and value of card payments is high and positive
(0.999) meaning that if there is an increase in number of transaction simultaneously value of
payments also increased.
The card payment in India seems to be catching on. Over the past years, it has grown rapidly.
India has a large number of cards users, the potential is still untapped. The study shows that
further push to promote a less-cash economy, the government has asked the banks to provide
more facility to the customers and also drive to push digital payments in a time bound manner.
It is also indentified that there is an indication of further growth of card payments for the digital
vision and financial inclusion perspectives. So, the bankers should motivate customers by
offering subsidy/incentive to promote further card usage. It observed that the government
needed to increase further infrastructural development for digital payments. The main vision of
Digital India initiative is to ‘transform India into a digitally empowered society and knowledge
economy’ (www.indiacelebrating.com). It is convinced beyond doubt that card banking is a
great digital way in the effort to financially include the unbanked and semi banked societies in
the countries where there is low access to finance. Hence, it is evident that the expedition of
digital vision via card banking is inevitable.

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 Payments In India Going Digital: A Study with Reference To Credit Card Payments

6. MULTIPLE REGRESSIONS EQUATION FOR THE VALUE OF CARD

PAYMENTS
Dependent variable: Growth value of credit card payments (Y)
Independent variables:
1. Number of cardholders/outstanding cards (X1)
2. Number/volume of Transaction (X2)
Dependent variable: Growth value of credit card payments (Y)

Multiple R value = 0.998

R square value = 0.997
F value =1319.625
P value = 0.000**

Table 5 Multiple regressions equation for the growth value of card payments
Unstandardized
Variable(s) SE of B ‘t’ value P value
co-efficient (B)
X1 -2.758 6.547 -0.421 0.685
X2 3.323 0.104 31.951 0.000**
Constant 98.463 116.181 0.847 0.421
** P value denote significant at 1% level
The multiple correlation coefficient R = 0.998 measures the degree of relationship between
the actual values and the predicted values of the order of value for card payment. Because the
predicted values are obtained as a linear combination of Number of Outstanding
Cards/cardholders (X1), Number of card Transactions (X2), the coefficient value of 0.998
indicates that the relationship between growth value of credit card payments and two
independent variables is quite moderate and positive.
The coefficient of determination, R-square measures the goodness-of-fit of the estimated
value of R2 = 0.997 shows about 99.70 per cent of the variation. This information is quite useful
in assessing the overall accuracy of the model and significant at 1% level, since p value is less
than 0.01.
The Multiple regression equation is
Y=98.463 -2.758X1+3.323X2
The constant a = 98.463 has no interpretable meaning because the average level of
dependable variable could not be negatively employed. Nonetheless, this value should not be
discarded. It plays an important role when using the estimated regression line/equation for
prediction. b1 = -2.758 represents the outstanding number of credit cards (X1) dimension of
holding other variable are constant. The estimated negative sign implies that such effect is
negative and implies that value would decrease by -2.758 for every unit of increases as
outstanding number cards. b1 = 3.323 represents the volume /number of transaction (X2) of
holding other variable are constant. The estimated positive sign implies that such effect is
positive and implies that value of card payments would increase by 3.323 for every unit of an
increase as volume or number of card transactions and usage.
It is concluded that the rating order of growth value of card payments for every one unit
increases of variable the number of transaction increased but not with regard to outstanding
number of cards possess. Further, the variables of increasing volume of transaction is highly
significant than outstanding number of cards issued by the banks which indicates that card

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 Dr. Subramanian.S

issuing banks should restrict to issue cards/ blocked inactive cards for minimizing maintenance
costs and default risk. It reveals that increasing volume or number of transaction is highly
significant to increase the value of payments. The card issuing division of banks should adopt
right marketing strategy such as waiver of bank charges and commission, tax benefits etc., to
motivate merchant for acceptability of card payments and cash back offers, discount facility
and other incentives/subsidy for increasing cardholder’s usage.

7. CONCLUDING REMARKS AND SUGGESSTIONS

To conclude that there is a relationship between volumes transaction and the value of payments
but not in outstanding cards possess. This means that increasing number of transaction
simultaneously the values of payments are also increases. The study suggests and recommends
the card issuers to increases the number of transaction for popularity of digital card payment in
value. The government is also supporting digital payments a lot. It has reduced some taxes and
announced incentives for digital payments. It has launched Lucky Grahak Yojna for customers
and Digi Dhan Vyapar Yojna for shopkeepers. The future of digital payments is very bright.
Recently, the Finance Minister doubles the allocation to the Digital India programme to INR
3,073 crore in 2018-19 (www. tamil.oneindia.com). These will also an important milestone to
achieve our economic objectives of digital payments vision.
Despite a sharp jump in the number of credit cards, value and its use, complaints regarding
credit cards have dropped significantly. According to data released by the Reserve Bank of
India (RBI, 2017), credit card-related complaints dropped over 5 per cent despite a 27 per cent
jump in customer complaints in the overall banking sector. The number of complaints has
dropped because of digitalization and government policies or measures to promote electronic
bill payments. Securities and safety measures are also improved. All these factors point to the
immediate need of promoting an important electronic payment product of credit cards for
achieving digital vision of India. It is also possible to create paperless eco- free cashless society
which can improve economic development of the country at large.

8. SCOPE FOR FURTHER RESEARCH

There is a need for nationwide study of credit card ownership and usage behaviour in India.
Such a study could also illuminate further on credit card ownership and usage patterns amongst
rural and urban consumers. There is also a need for further investigation into the nature and
strength of association between credit card ownership and usage and demographic variables of
interest and satisfaction. These may be the scope of the future study.

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