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The banking system reported net additions of 5,49,000 new credit cards in Feb 2021 (a 47% YoY decline) v/s 7,01,000 new additions in Jan 2021. This has taken the total credit card base to ~61.6 million (7.9% YoY growth) v/s a growth of 8.9% YoY in Jan ’21.
During February 2021, ICICI Bank Ltd., SBI Cards & Payment Services Ltd., and Axis Bank Ltd. were the largest credit card acquirers, with an incremental market share of 36.1%, 18.1%, and 18%, respectively. In FY21, ICICI Bank gained the highest incremental market share of ~32.4%, followed by SBI Cards at 30.6%.
Credit card spends declined 4% YoY to Rs 604 billion in Feb 2021. In 11M FY21, total spends declined 18.4% YoY to Rs 5.6 trillion. Among large players, ICICI Bank reported a 10% YoY growth in monthly card spends, while HDFC Bank Ltd. and SBI Cards reported a marginal decline.
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