India’s largest public sector lender, the State Bank of India, remained the front runner in the Debit cards market, holding a whopping 28 per cent share in June 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, Canara Bank recorded the highest yoy growth, of approximately 14 per cent, while HDFC Bank and Bank of Baroda recorded a 13 per cent growth each. Thereafter, following the lead, Axis Bank registered 10 per cent growth while Bank of India witnessed a growth of 8 per cent.
Even though the State Bank of India retained its top position in the debit cards market, it registered a degrowth of about 2 per cent in June. ICICI Bank registered the highest degrowth of 11 per cent, followed by Punjab National Bank with a 10 per cent degrowth, 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 21 per cent share. SBI Cards, ICICI Bank and Axis Bank followed the list with 20 per cent, 17 per cent and 14 per cent market share respectively in June, 2023.
Maximum growth in this segment was seen by Bank of Baroda — a 49 per cent yoy growth, with a 2 per cent market share. The list was followed by Kotak Mahindra Bank with a 35 per cent yoy growth and 6 per cent market share, Axis Bank with a 29 per cent yoy growth and 14 per cent market share, SBI Cards with a 21 per cent growth, while RBL Bank and IndusInd Bank recorded 18 per cent yoy growth each.
The 1Lattice data further revealed that the global leaders performed below expectations in credit cards segment, with American express registering a degrowth of 1 per cent, holding a 2 per cent market share. CitiBank’s market share went down to zero, after the Axis-Citi deal.
