Who dominates the credit card market in India?
India's credit card market thrives, with 7.7 crore cards in circulation. But who leads this dynamic space?
Here's the market share breakdown:
HDFC Bank: 21% (1.6 crore cards) – The market leader with a robust customer base.
SBI Cards: 19% (1.4 crore cards) – A strong second, leveraging trust in public sector banking.
ICICI Bank: 17% (1.3 crore cards) – A close third, steadily growing its credit card segment.
Axis Bank: 11% (88 lakh cards) – Cementing its presence in the private banking sector.
Kotak Mahindra Bank: 6% (43 lakh cards) – Focused on innovation and rewards.
Other players, including RBL Bank, IndusInd Bank, YES Bank, and several foreign banks like American Express, Standard Chartered, and Citibank, hold a notable share, highlighting healthy competition.
This chart underscores the dominance of private sector banks, which collectively account for a significant portion of the market.
Source - LinkedIn
