BankSathi: India's 3rd Largest Credit Card Issuer, Prioritising Financial Innovation
India, August 25, 2023:BankSathi, a pioneering fintech social commerce startup, takes pride in announcing its remarkable achievement as the third-largest credit card issuer in India with 3.6 lakh ARR. The startup has issued 3 lakh credit cards as of June 2023, a 4X increase in cards over the previous fiscal year.
India has 8.5 crore active credit cards and 4 crore credit card holders. The credit card industry is expected to grow at a 25% CAGR and cross 20cr credit cards by 2026.This rapid growth in the number of credit cards is being driven by a significant customer base consisting of young individuals entering the workforce or running their own businesses.
Card applications have been significantly boosted by the growing popularity of UPI payments made with credit cards, as well as by widespread digital usage and end-to-end digital sourcing from application to verification. Digilocker, Aadhar, and digital PAN verification services, among others, have all been crucial in raising these numbers.
Jitendra Dhaka, co-founder at BankSathi, states, "We empower consumers by providing the right financial products with access to last-mile users, especially in Tier II and Tier III cities. We have developed a unique platform that leverages algorithms and data analytics to provide personalized recommendations that identify the most relevant financial products.
To meet the needs of customers, we equipped financial advisors with cutting-edge digital tools, training, and knowledge to offer timely and accurate advice and a seamless online buying experience. A few years ago, the credit card issuance time period was 20 days, but after current digital adoption, customers can get approval of credit cards within 30 minutes, helping us issue
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