Indian privately owned lender HDFC Bank is reportedly planning to double its credit card customer base by the end of this fiscal year.
According to The Economic Times report, the lender aims a two-fold increase in credit card user base. It also plans to triple its merchant acquiring business, the report added.
Currently, HDFC Bank has 12.5 million credit card customers, which it aims to increase to 25 million mark. It is also said to have 900,000 unique merchants with 1.5 million acceptance points.
HDFC Bank country head for card payments and merchant acquisitions Parag Rao was quoted by the Economic Times as saying: “We have doubled our acquisition of savings and salary accounts since April; we are crossing half-a-million new current and savings accounts (CASA) customers every month, we are also acquiring more merchants. So, clearly, the opportunity for me doubles.
“I am doing the doubling without a single ounce of dilution in my credit policy.”
The bank aims to focus on semi-urban and rural areas. It plans to develop a liability relationship with the local merchants and then commence lending, Rao added.
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By GlobalDataLast month, HDFC Bank introduced Small Business Money Back Credit Card for small traders and village-level entrepreneurs (VLEs).
The card was launched in collaboration with Common Services Centres (CSCs), a government-owned entity focusing to deliver e-services to remote locations.
