Singapore-based DBS Bank is planning to foray into Indian credit card market next year.
DBS India head of consumer banking Shantanu Sengupta told Reuters that the move is a part of its effort to support overseas expansion.
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Sengupta was quoted by the news agency as saying: “We will launch our credit card by the second, or the third quarter of next year.”
It comes at the time when India is pushing adoption of electronic payments across the country and slash cash transactions.
In May, another global banking major Citibank partnered with Paytm to launch co-branded credit cards in India. It will enable the American bank to serve some of Paytm’s nearly 300 million clients.
Currently, Indian credit card market is significantly small compared to the debit card market.
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By GlobalDataAccording to the data from May this year, the South Asian nation had 48.9 million credit card users. At the same time, it had around 825 million debit card customers.
Earlier this year, DBS Bank launched its locally incorporated wholly-owned subsidiary in India. The launch of DBS Bank India was part of its strategy to scale up operations in the country.
It divulged plans to achieve a customer base of five million in the country by 2023. However, now the bank expects to cross the mark earlier.
Sengupta added: “We’ve crossed more than half the customer target already and hence we’ll be able to cross the mark before the deadline.”
