Shocking Shift in India's Card Market: SBI's Dominance and HDFC's Unexpected Fall
State Bank of India (SBI) continues to lead the debit card market, while HDFC Bank remains the top player in credit cards. Discover the recent trends in credit card issuances and the remarkable growth of UPI transactions on RuPay credit cards.
Shocking Shift in India's Card Market: SBI's Dominance and HDFC's Unexpected Fall
In the domestic market, the State Bank of India (SBI) maintains its position as the leader in debit card market share, while HDFC Bank continues to dominate the credit card segment among private sector banks.
Recent research reports highlight a significant drop in new credit card issuances. In October 2024, the issuance of new credit cards fell by 45% compared to October 2023, attributed to the Reserve Bank of India’s advisory urging caution in granting unsecured loans. While banks issued 16 lakh new credit cards in October 2023, this number dropped to 7.8 lakh in the same month this year.
UPI Transactions Surge on RuPay Credit Cards
Unified Payments Interface (UPI) transactions using RuPay credit cards have witnessed remarkable growth, nearly doubling between April and October of the current fiscal year compared to the same period last year. During April-October 2023-24, 36.3 crore transactions valued at ₹33,400 crore were processed via RuPay credit cards. This figure surged to 75 crore transactions worth ₹63,800 crore in April-October 2024-25.
