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The credit card market in India has witnessed significant growth over the past year, with more than 1.10 crore new credit cards issued, according to a report by Indus Equity Advisors.
The report also added that the total number of credit cards in the country surged from 9.60 crore in November 2023 to 10.72 crore in November 2024, highlighting the increasing adoption of credit cards among consumers. Private banks continue to dominate the credit card market, holding a substantial 71 per cent market share. In contrast, public sector banks (PSU banks) account for only 23.82 per cent of the total credit card base. The report also noted a continuous increase in the market share of private banks, while foreign banks have been witnessing a decline in their share of credit card issuance. The report further revealed that the value of transactions made using credit cards in November 2024 reached an impressive Rs 1.70 lakh crore, underlining the growing preference for credit cards as a payment method. On the debit card front, the report data stated that the total number of debit cards in the country stood at 99.36 crore as of November 2024. PSU banks dominate the debit card segment with a 64.67 per cent share, while private banks hold a smaller share of 24.94 per cent. Online (e-commerce) transactions also reflected the growing influence of private banks. The volume of online transactions in November 2024 stood at 22.13 crore, with private banks leading the segment with a market share of 68.54 per cent. Meanwhile, PSU banks' share in online transactions has declined to 26.53 per cent. This surge in the credit card market and the continued dominance of private banks indicate a shift in consumer preference towards more flexible and digitally integrated banking services. At the same time, PSU banks remain strong in the debit card segment, primarily catering to a wider base of traditional banking customers. (ANI)
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