PSU Banks have rapidly increased their share with a 17% rise in credit card spending in India. The credit card market has surpassed 119 million active cards. HDFC Bank and SBI Cards dominate the total card numbers.
Key statistics:
- The credit card base has grown by 8% compared to last year.
- HDFC Bank holds a market share of 22.2% in card share.
- SBI Cards accounts for 18.7% of total cards.
- PSU Banks represent 72.6% of total card spending.
- The average spending by private banks decreased by 4%, settling at ₹18,948.
- Average spending by PSU Banks reached ₹16,847.
Private banks possess nearly 80% of active cards. However, PSU Banks recorded a significant increase in per-card spending. They have implemented various measures to attract new customers.
This shift indicates growing competition among banks in the credit card sector. HDFC Bank leads with a transaction value market share of 29.8%. SBI Cards follows closely with a transaction value market share of 19.3%.
