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Digital Payment Tracker – Outstanding Credit Cards Grew By 25% In June, Spends Down: Motilal Oswal

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

The banking system reported net additions of ~1.8 million credit cards in June 2022, led by healthy traction in HDFC Bank Ltd., Kotak Mahindra Bank Ltd., and Axis Bank Ltd. Thus, taking its total credit card base to 78.7 million (up 25.3% YoY – the highest in the past 30 months).

Among major players, Kotak Mahindra Bank reported strong growth (up 64.3% YoY), followed by Axis Bank (up 36%), IndusInd Bank Ltd. (up 29.3%), and RBL Bank Ltd. (up 27.3%).

HDFC Bank was the largest acquirer, with new card additions of ~386,000.

Credit card spends fell 4% month-on-month, but remained robust at Rs 1.1 trillion in June 2022. The same grew a strong 73% YoY (up 24% on a three-year compound annual growth rate basis).

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