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Retailer Payments, Banking, Insurance and Assistance in India investigates the market for financial services organised by over 160 major retail brands in India. As well as examining their initiatives in payment cards, banking products, insurance and assistance, the study also examines their involvement in proprietary and coalition loyalty programs, and details the online payment mechanisms accepted by those with an online sales capability. Among other data points, the report and PartnerBASE™ dataset that accompanies it embrace the following information about the retailers covered:

- whether they offer their own credit, debit or prepaid cards and, if so, the card issuers that they work with in this context if they do not issue the cards themselves;

- whether they are linked to one or more loyalty programs and, if so, whether these are proprietary or coalition schemes;

- whether they make non-card point-of-sale finance available to their customers and, if so, the finance providers that they employ for this purpose;

- whether they promote mainstream banking products such as general-purpose personal loans, mortgages and savings accounts and, if so, the partners that they co-operate with;

- whether they distribute accident, dental, health, household, life, motor, pet or travel insurance, or any kind of assistance services and, if so, the insurance or assistance providers used;

- for retail brands with an online sales capability, the payment means and providers that they accept for online purchases with consideration of payment cards, online accounts, mobile payments, bank transfers and other online payment options.

The report and PartnerBASE™ dataset can be used in the following ways:

- to gain access to a comprehensive source of information that provides detailed insights into the involvement of major retail brands in India in payments, banking, insurance and assistance;

- to monitor the activity of key competitors in retailer financial services including Bajaj Finserv, Citibank, Citrus Pay, ICICI Bank and PAYBACK;

- to understand the potential in India for converting proprietary retailer loyalty cards and coalition loyalty schemes into fully-fledged payment cards;

- to evaluate the extent to which consolidation among conventional banks is opening up opportunities for new retailer banks to emerge as ‘consumer champions';

- to appreciate the range of online payment choices open to consumers in India who buy products and services through the websites of major retail groups.

Table Of Contents

Retailer Payments, Banking, Insurance and Assistance in India
Table of Contents

Executive Summary

Introduction

Market Analysis

List of Graphics / Tables



0.0 EXECUTIVE SUMMARY

1.0 INTRODUCTION

What is this report about?

Rationale

In many countries, consumers are tending to gravitate to larger retailers and to buy more online...

... which throws up new opportunities in payments, banking, insurance and assistance

Methodology

Survey of retailers

The survey's scope covers over 160 important retail brands grouped across ten categories…

…with a clear majority of retailers operating a mixed distribution model

Definitions

Payment, banking, insurance and assistance products and services

Operating models

Weighted shares

PartnerBASE

Finaccord

2.0 MARKET ANALYSIS

Introduction

Retailer payment cards

Credit, debit and prepaid cards

Over 20 major retail brands in India promote a co-branded or private label credit card

ICICI Bank claims by far the highest number of retailer payment card schemes...

... although Citibank overtakes it in the weighted analysis of partnerships

Private-label retailer cards are marginalised by those linked to MasterCard and Visa

By category, fuel retail brands are most likely to have introduced their own payment card…

… with offline-only retailers scoring the highest activity rate by distribution model

Gift cards

Close to 20% of major retail brands have introduced stored-value gift cards…

… with initiatives for these products visible across most retailer categories

Retailer loyalty programs

Approaching 50% of major retail brands surveyed in India are involved in a loyalty program...

... with much activity concentrated in the department store / variety, fashion and speciality categories

Proprietary loyalty programs

Nearly a quarter of major retail chains in India have launched their own proprietary loyalty scheme

Coalition loyalty programs

Five major coalition loyalty programs are adhered to by retailers in India...

... among which PAYBACK (formerly i-mint) has signed up the most major retail brands as participants

Three other coalition programs have been established by banks...

... and another by Tata Group's retail brands

Consumer finance

Major retailers in India are less likely to offer point-of-sale finance than co-branded credit cards

Bajaj Finserv is easily the most significant provider of point-of-sale finance in the retail sector...

... and its share of partnerships is even higher when viewed in weighted terms

Retailers of consumer electronics feature the highest provision rate for consumer finance

Banking products

Overview

A small number of major retail chains offer international remittance services through Western Union

Personal loans, mortgages and savings accounts International payments / remittances

Insurance and assistance

Mainstream forms of insurance are on offer from nine major retail chains in India...

... with much of this activity organised through partners classified as joint ventures...

... namely, AEGON Religare, Apollo Munich Health Insurance and Future Generali

However, as at March 2013, none of these companies had yet reached break-even point

Future Generali claims the highest share of partnerships in both unweighted and weighted terms

Retailers of health and beauty products feature the highest provision rate for insurance programs

Online payments

Acceptance rates

Major retail brands selling online are most likely to accept payment cards and direct bank transfers

Payment cards

Eight different payment card brands enjoy online acceptance among major retailers in India

Online accounts

Four online account providers compete for deals with the few online retailers accepting this payment means

PayPal is the sector leader followed by three indigenous competitors, all launched in the recent past

Online retail brands in five categories accept online accounts for payments via the internet

Mobile payments

PayMate has achieved by far the highest acceptance rate among mobile payment providers...

... and reports relationships with over 12,000 merchants in total, both online and offline

Four other service providers are visible in this domain

Bank transfers

Direct bank transfers are accepted almost universally among major online retailers in India

Other methods of online payment

Over three quarters of major online retail brands in India also accept payments on delivery (COD)

3.0 APPENDIX

Major captives and joint ventures




LIST OF GRAPHICS / TABLES


0.0 EXECUTIVE SUMMARY

Provision rates for key payment, banking, insurance and assistance products, adherence rates for loyalty schemes and online payment product acceptance rates among retailers in India, 2014

1.0 INTRODUCTION

Retailers researched in India, segmented by category, 2014

Retailers researched in India segmented by distribution model, 2014

2.0 MARKET ANALYSIS

Provision of retailer payment cards by type of card in India, 2014

Retailer payment cards in India: provision rate and operating models, 2014

Retailer payment cards in India: unweighted and weighted issuer share of partnerships, 2014

Retailer payment cards in India: unweighted and weighted network share of partnerships, 2014

Provision of retailer payment cards by retailer category and distribution model in India, 2014

Provision of retailer gift cards by retailer category and distribution model in India, 2014

Retailer loyalty programs in India: provision rates, program types and links to payment and other cards, 2014

Provision of or involvement in loyalty programs by retailer category and distribution model in India, 2014

Coalition loyalty programs in India: unweighted share of retailer brand members, 2014

Retailer consumer finance in India: provision rate and operating models, 2014

Provision of retailer consumer finance by retailer category and distribution model in India, 2014

Retailer provision of other banking products and services in India, 2014

Retailer international payments / remittances in India: provision rate and operating models, 2014

Provision of international payments / remittances by retailer category and distribution model in India, 2014

Retailer insurance and assistance in India: provision by policy type, 2014

Retailer insurance and assistance in India: provision and operating models, 2014

Retailer insurance and assistance in India: unweighted and weighted provider share of partnerships, 2014

Retailer online payment acceptance in India: acceptance rates by payment type, 2014

Payment cards accepted as an online payment mechanism by retailers in India: unweighted and weighted network share of acceptance, 2014

Acceptance of payment cards as an online payment mechanism by retailer category in India, 2014

Online accounts accepted as an online payment mechanism by retailers in India: unweighted and weighted provider share of acceptance, 2014

Acceptance of online accounts as an online payment mechanism by retailer category in India, 2014

Mobile payment services accepted as an online payment mechanism by retailers in India: unweighted and weighted provider share of acceptance, 2014

Acceptance of mobile payments as an online payment mechanism by retailer category in India, 2014

Acceptance of direct bank transfers as an online payment mechanism by retailer category in India, 2014

Acceptance of other types of online payment mechanisms by retailer category in India, 2014

3.0 APPENDIX

Retailer captives and joint ventures in payments, banking, insurance and assistance in India: operating models, partners and ownership, 2014

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