According to the data collated by PGA Labs, State Bank of India (SBI) remained the top player with 30 percent market share of debit cards as of June 2022, despite 6 percent decline in year-on-year (Y-o-Y) growth and HDFC Bank has topped the credit card chart with 22 percent market share.
- Debit card – The Bank of Baroda (BoB) has ranked 2nd with 8 percent market share followed by Bank of India, Canara Bank, Union Bank and Punjab National Bank (PNB) with 5 percent market share.
- Credit card – The HDFC was followed by SBI (18%), ICICI Bank (17%), Axis Bank (12%), RBL Bank (5%) and Kotak Mahindra Bank (5%).
From the report:
i.The public sector banks dominate the market share of debit cards as compared to private sector banks.
- HDFC and Axis bank witnessed the highest year-on-year growth in the debit card segment with 19 percent and 18 percent respectively.
i.On a comparison the credit card spends are higher than the debit card spends.
- The Y-oY credit card spends reached 73 percent while in June 2022, the credit card spend topped with Rs. 1.09 trillion month-on-month (M-o-M) basis.
- In June 2022, the banking system added around 1.84 million credit card, which accounted for a total of 78.72 million credit card.
ii.HDFC is the largest credit card issuer in India which added 386,487 in June 2022, followed by Kotak Mahindra Bank (262,942 cards), Axis bank (228,933 cards), ICICI bank (190,490 cards) and SBI card (166,976 cards).
i.The elite credit cards such as American Express and CITI are showing a decline in their market share with negative y-o-y growth of -8% and -2% respectively.
- According to the PGA data, both the credit cards hold a combined market share of 5 percent.
Recent related news:
The Reserve Bank of India (RBI) in exercise of the power conferred by section 35A and section 56 of the Banking Regulation Act, 1949 and chapter IIIB of the RBI Act, 1934, has issued RBI (Credit card and Debit card – Issuance and Conduct) Directions, 2022 with effect from 1st July 2022.
About State Bank of India (SBI)
Established in – 1955
Chairman – Dinesh Kumar Khara
Headquarters – Mumbai,Maharashtra