[ad_1]
India’s largest public sector lender, the State Bank of India continued to lead in the Debit cards market, holding a whopping 24 per cent market share in August 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 15 per cent and 11 per cent respectively on a year-on-year basis, while Canara Bank and Bank of Baroda recorded 9 per cent and 8 per cent yoy growth respectively.
Thereafter, following the lead, Union Bank registered a growth of 7 per cent on a yoy basis.
Also Read Cards bank-wise market share story for July 2024
Even though the State Bank of India retained its top position in the debit cards market, it registered a massive degrowth of about 11 per cent in August.
Bank of India also registered a massive degrowth of 18 per cent while Punjab National Bank registered a degrowth of about 1 per cent and ICICI Bank registered a degrowth of 1 per cent on a yoy basis as of August, 2024, revealed the 1Lattice 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 Cards bank-wise market share story for June 2024
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 August. 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 August, 2024, highlighted the 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 30 per cent yoy growth and 21 per cent yoy growth respectively, holding a market share of 3 per cent each.
Also Read Cards bank-wise market share story for May 2024
The list was followed by HDFC Bank and ICICI Bank with a 19 and 15 per cent yoy growth respectively.
Axis Bank and RBL Bank further followed with a 14 per cent and 12 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 3 per cent year-on-year growth. It held a market share of only 1 per cent.
[ad_2]
Source link
