On the occasion of Teacher's Day, HDFC bank introduced Teacher's credit card, a new credit card under its ‘Card for Professionals' segment. The bank issued a statement announcing the launch of the credit card and its features. According to the statement, the card has multiple reward points, fuel surcharge waiver, week-end bonanza points and 500 teacher's day special reward points, which will be gifted every year on teacher's day.
The private sector bank had recently launched a credit card for doctors under this segment. HDFC bank is the largest credit card issuer in India with a market share of 5.60 million as on 31 June, 2012.
It is reported that education sector is one of the biggest service sectors in the country having a market size of about 450 million students and is expected to grow steadily at the rate of 10 to 15 percent in the next decade. Though, the industry is fragmented with 95 percent of it falling under the unorganized sector.
There is a lot of demand for investment in this sector and to fuel this demand, the market size of education institutions is expected to grow to 250, 000 crore by the end of the current fiscal. This makes it an attractive market for the credit card business.