Credit cards in force touch 98 million in December
The number of outstanding credit cards rose nearly 2% month-on-month to 97.9 million as on December 31. It rose nearly 20.6% year-on-year.
Credit card spends, which had fallen to Rs 1.6 trillion in November after the festival spike in October, rose marginally to Rs 1.7 trillion in December. Overall spends rose 30.4% YoY in December. The average spends per card increased to Rs 16,907, from Rs 16,774 in November.
HDFC Bank clocked the highest spends at Rs 44,892. The bank’s spends market share rose to 27.1% as on December 31, from 26.2% on November 30, followed by State Bank of India, ICICI Bank and Axis Bank at 17.7%, 17.1%, and 11.5%, respectively.
The card market share of HDFC Bank stood at 20.3% as on December 31. In recent months, credit card spends got lifted by the launch of features like RuPay credit card on the Unified Payments Interface (UPI) and a rise in tie-ups for co-branded cards.
A recent media report said RuPay credit card spending surpassed Rs 10,000 crore in a month for the first time in December, owing to a growth in credit card transactions through UPI.
In fact, RuPay credit card spending through UPI constitutes 50% of overall RuPay credit card spending. RuPay’s market share in credit card spending is at around 6% of overall credit card spending in India, the report said.
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