India’s largest public sector lender, the State Bank of India, remained the front runner in the Debit cards market, holding a whopping 24 per cent market share in July 2024 while in credit cards HDFC Bank maintained the top position with a 21 per cent market share, revealed latest data by 1Lattice.
Top banks followed the list in Debit cards like Bank of Baroda which held about 10 per cent market share, followed by Canara Bank, Union Bank and HDFC Bank with approximately 6 per cent market share each and Bank of India with a 4 per cent market share.
In the Debit cards segment, Axis Bank and HDFC Bank recorded the highest growth, of approximately 14 per cent each on a year-on-year basis, while Bank of Baroda recorded 11 per cent yoy growth. Thereafter, following the lead, Canara Bank and Union Bank registered a growth of 10 per cent and 7 per cent respectively.
ALSO READ: HDFC Bank lead credit cards market, SBI frontrunner in debit cards in June 2024
Even though the State Bank of India retained its top position in the debit cards market, it registered a massive degrowth of about 12 per cent in July.
Bank of India also registered a massive degrowth of 17 per cent while Punjab National Bank registered a degrowth of about 3 per cent and ICICI Bank registered a degrowth of 1 per cent on a yoy basis as of July, 2024, revealed the data.
| In the past four years, debit and credit card transactions have grown at a CAGR of 20 per cent and 19 per cent respectively. There is said to be 71 million active credit cards in FY22, a recent report by PWC India highlighted. It is expected that card-based transactions will continue to witness steady growth, at almost 16 per cent year on year for the next four years. |
ALSO READ: HDFC Bank frontrunner in credit cards market, SBI leads in debit cards in May’24
HDFC Bank leads credit cards market
India’s largest private sector bank, HDFC Bank continued to lead the race in credit cards market with a 21 per cent market share in July. SBI Cards, ICICI Bank and Axis Bank followed the list with 18 per cent, 17 per cent and 14 per cent market share respectively in July, 2024, highlighted the 1Lattice data.
HDFC Bank also recently announced significant updates to the terms and charges for its credit card holders.
Maximum growth in this segment was seen by Bank of Baroda and IndusInd Bank with a 33 per cent yoy growth and 24 per cent yoy growth respectively, holding a market share of 3 per cent each.
ALSO READ: HDFC Bank leads credit cards market, SBI maintains highest share in debit cards in Apr’24
The list was followed by HDFC Bank and ICICI Bank with a 17 and 16 per cent yoy growth respectively.
Axis Bank and RBL Bank further followed with a 15 per cent and 14 per cent yoy growth respectively.
The 1Lattice data further revealed that the global leaders performed below expectations in credit cards segment, with American express registering only 2 per cent year-on-year growth. It held a market share of only 1 per cent.
