India’s Credit Card Market Tops 119M: PSU Banks Drive Spending Growth
Key Highlights
India’s credit card market exceeds 119 million cards. HDFC Bank leads, while PSU banks show significant spending growth, especially in smaller markets.
India’s credit card market has expanded significantly, now encompassing over 119 million cards. Major players in this growing sector include HDFC Bank, SBI Cards, ICICI Bank, and Axis Bank.
HDFC Bank continues to solidify its leading position, demonstrating growth in both the total number of credit cards issued and the overall value of spending facilitated by its cards. Concurrently, public sector banks are showing robust expansion, notably capturing a larger share of spending, especially within tier-2 and tier-3 markets.
This broader market expansion and the strong performance of public sector banks are attributed to the establishment of wider operational networks and strategic partnerships that enhance accessibility and service delivery across diverse geographical areas.