NEW DELHI: Excellent bank cards within the system in April grew 20.7% year-on-year to 75.2 million, the very best prior to now 25 months, in keeping with Digital Funds tracker report from Motilal Oswal Monetary Companies Ltd. (MOFSL).
Playing cards issued by Kotak Mahindra Financial institution reported a robust development of 48.5%, adopted by these by Axis Financial institution (+28.6%), RBL Financial institution (+24.9%), and Worldwide Funding Financial institution (+24.2%). American Specific and CITI noticed an 11% and three% decline, respectively. ICICI Financial institution and Axis Financial institution additionally reported a rise in market share. HDFC Financial institution continues to be the most important participant of the Indian bank card market, with a share of twenty-two.7%.
MOFSL expects SBI Card, ICICI Financial institution, and Axis Financial institution to proceed their sturdy efficiency whereas HDFC Financial institution will proceed to witness sturdy restoration, mentioned the report.
Bank card spends fell 2% month-on-month, however surged 78% on yr.
Solely HDFC Financial institution noticed a sequential development of round 2%, whereas ICICI Financial institution-issued playing cards noticed flattish tendencies. All different gamers noticed a decline of as much as 8%, with IIB, AMEX, SCB, and RBK clocking the very best drops.
On a three-year CAGR foundation, spends grew 22%.
Common month-to-month spends additionally declined, falling 4% sequentially. Common ticket dimension and the variety of transactions per card stood steady round ₹4,700 and at three, respectively. Barring HDFC Financial institution, all others main banks noticed a decline in month-to-month spends on their playing cards by as much as ₹1,100. IIB had the very best ticket dimension ( ₹11.1k), adopted by AMEX ( ₹7k), whereas for others, spends ranged from ₹4,000 to ₹5,200 vary
UPI funds grew 99.2% year-on-year in April, with ticket dimension steady at round ₹1,800.
UPI ticket dimension was broadly steady month-on-month at about ₹1,760. The market share of UPI has been always growing and stood at 81% in FY22, up from a modest 9% in FY18, whereas the share of debit/bank cards stood at 7-9%, as per the report.
Supply: Live Mint