India’s credit card base has increased by 4% in the financial year (FY) 2014 to 20.3 million cards, according to the Worldline India Card Payment Report 2014.
Of the total number, private sector banks issued 54% of cards, public sector banks issued 20% and foreign banks issued 26% of the cards, reported The Hindu Business Line.
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Among different banks, HDFC Bank topped with 5.1 million cards, which accounted for 27% market share, followed by ICICI Bank with 3.1 million and SBI with 2.8 million cards that accounted for 17% and 15% market share respectively.
The report said the growth was consecutive for second year but the growth rate may be slow as card issuers focus more on profitability.
Additionally, it was found that on an average each credit card performed 25 transactions per year, while average spending was INR2,900 ($48.1).
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