Plastic Money - The Indian Experience

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Case Details:

Case Code : ITSY011
Case Length : 10 Pages
Period : 1990-2001
Pub Date : 2002
Teaching Note : Available
Organization : HDFC, Citibank, ICICI Industry : Banking and Finance
Countries : India

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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.

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Excerpts

About Credit Cards & Debit Cards

The evolution of plastic money dates back to the 1920s, when the first payment card was introduced in the USA.

Diners Club and American Express launched the world's first plastic card in the USA, in 1950. The first credit card was introduced by Diners Club in 1951. However, the plastic cards began to be widely used only after 1970, when the specific standards for magnetic strip were set.

In the late 1990s, plastic cards became very common and by 2001, plastic money had become an essential form of 'ready money' (See Exhibit I for different forms of plastic money)...

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The Indian Plastic Money Journey

Citibank and HSBC were the pioneers in the Indian credit card market in the 1980s. Over the next two decades, the number of players increased to more than ten in 2000. The credit card market registered a healthy annual growth rate of over 25% during 1987-2001...

Smart Cards - The Next Generation Plastic Money

While companies were putting in place various measures to address security issues, the debit card market was having a smooth run in India.

After being introduced in the mid 1990s, debit cards acquired popularity and user acceptance at a rapid pace.

A major reason for the quick popularity gained by debit cards was the absence of the credit component that resulted in elimination of interest charges or monthly card bills...

Exhibits

Exhibit I: Types of Plastic Cards
Exhibit II: Diverse Features of Credit & Debit Cards
Exhibit III: Indian Credit Card Market (1999-2000)
Exhibit IV: Different Credit Cards Available
Exhibit V: Measures for Plastic Card Protection
Exhibit VI: Smart Cards

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