SBI leads debit cards market, HDFC dominates credit cards
SBI retains its top spot with 24% market share in debit cards, while HDFC Bank and SBI lead in credit cards with 6% market share each
New Delhi: In the dynamic landscape of India's banking sector, the State Bank of India (SBI) has emerged as a frontrunner in the debit cards market, while HDFC Bank continues to maintain its dominance in the credit cards segment. The latest data for February 2024 reveals interesting trends, highlighting the strategic positions of these key players in the country's financial ecosystem.
Despite experiencing a year-on-year degrowth of approximately 17% in February 2024, State Bank of India (SBI) maintains its position as the leader in the active debit cards market, holding the highest market share at around 24%. This indicates SBI's significant presence and continued relevance in the debit cards segment, despite facing challenges in growth compared to the previous year. Alongside SBI, other key players such as Bank of Baroda, HDFC Bank, and Canara Bank also hold notable shares in the market, showcasing the competitive landscape of India's banking sector.
In the active credit card market, HDFC Bank and State Bank of India (SBI) emerge as the leaders, holding the highest market shares at 6% each in February 2024. HDFC Bank, known for its extensive credit card offerings and customer-centric services, maintains its position as a frontrunner in the market. Similarly, SBI Bank's presence in the credit card segment highlights its strategic efforts to cater to the evolving needs of consumers. Notably, Axis Bank exhibits robust growth on a year-on-year basis, with a significant increase of 42% in its market share. This impressive growth demonstrates Axis Bank's effective strategies in expanding its footprint in the competitive credit card market. With other players such as ICICI Bank, Kotak Mahindra Bank, and RBL also vying for a substantial market share, the credit card segment reflects a dynamic and competitive landscape driven by innovation and customer engagement.
The latest data for February 2024 underscores the distinct market positions of SBI and HDFC Bank in the debit and credit cards segments, respectively. Their continued dominance reflects their strategic initiatives, customer-centric approach, and commitment to delivering value-added services in India's evolving banking landscape. As the banking sector continues to evolve, consumers can look forward to a competitive market environment that offers a wide array of choices and benefits in debit and credit card offerings.
