The Silicon Review ^Asia

DBS Group Holdings, the biggest bank in Southeast Asia, intends to foray into India’s credit card market by 2020, the company confirmed on Tuesday. The banking giant is betting on its efforts to reach other parts of the world in order to nullify weakness in the local economy.

One of the top-level executives of DBS India, Shantanu Sengupta said- the credit card will be rolled out by the second or the third quarter of 2020.

The credit card market is still smaller in India in comparison to the debit card market. Latest stats from May indicate that debit card (825 million) userssurpass credit card (48.9 million) users.

The Singaporean bank, which aimed earlier to create a customer base of 5 million in India by 2023, is likely to achieve the target earlier than expected.

Other companies such as Citigroup (C.N.) are also betting on India to increase its customer base there. India’s Paytm unveiled plans to roll out a card in collaboration with Citi, allowing the American banking giant to service some of its clients which is over 300 million.

Moreover, India is focusing to boost adoption of e-payments and recently made it mandatory for banks and card payments network not to charge on debit card transactions.

Half of the customer base have already been achieved by the company and hence, expects to cross the mark before time, added Mr. Sengupta.