Whalesbook
Credit Card Market Tops 119 Million
India's credit card base grew 8% year-on-year to 119 million by March. This expansion shows deeper card adoption across the country. However, the market is concentrated, with top private and public sector banks holding nearly 80% of active cards.
HDFC Bank and SBI Cards Lead User Base
HDFC Bank leads by expanding its card share to 22.2% and transaction value share to 29.8%, signaling strong customer engagement. SBI Cards holds 18.7% of cards and climbed to a 19.3% transaction value share.
PSU Banks Gain Spending Ground on Private Rivals
Private banks still account for 72.6% of total card spending, but their share fell by 3.15 percentage points year-on-year. Average spending per private bank card dropped 4% to ₹18,948, suggesting less high-value spending. Public sector banks, however, saw a 17% jump in per-card spending, reaching ₹16,847. This growth is driven by better customer engagement, co-branded partnerships, expansion into smaller cities, and UPI-linked credit integration, attracting new customers.