India’s largest public sector lender, the State Bank of India, remained the front runner in the Debit cards market, holding a whopping 27 per cent share in August 2023, revealed latest data by 1Lattice (Previously PGA Labs).
Top banks followed the list like Bank of Baroda which held about 9 per cent market share, followed by Bank of India, Canara Bank, Union Bank and HDFC Bank with approximately 5 per cent market share each.
In the Debit cards segment, Bank of Baroda recorded the highest yoy growth, of approximately 18 per cent, while Canara Bank and Axis Bank recorded 12 per cent growth each. Thereafter, following the lead, HDFC Bank registered a 10 per cent growth while Bank of India witnessed a growth of 9 per cent.
Even though the State Bank of India retained its top position in the debit cards market, it registered a degrowth of about 6 per cent in August. Punjab National Bank and ICICI Bank registered the highest degrowth of 9 per cent each, 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.
India’s largest private bank, HDFC Bank continued to lead the race in credit cards market with a 20 per cent share. SBI Cards, ICICI Bank and Axis Bank followed the list with 19 per cent, 17 per cent and 14 per cent market share respectively in August, 2023.
Maximum growth in this segment was seen by Bank of Baroda and Axis Bank with a 46 per cent yoy growth each, holding a market share of 2 per cent and 14 per cent respectively. The list was followed by IndusInd Bank with a 33 per cent yoy growth and 3 per cent market share, Kotak Mahindra Bank with a 31 per cent yoy growth and 6 per cent market share.
The 1Lattice data further revealed that the global leaders performed below expectations in credit cards segment, with American express registering no growth at all year-on-year and holding a market share of only 1 per cent. CitiBank’s market share went down to zero, after the Axis-Citi deal.
