Indian Credit Card Base Grows to 122.9 Million

Indian credit card issuers expanded their total outstanding base by 9.9% year-on-year to 122.9 million cards, adding 1.26 million new accounts in July. Total spending for the month reached ₹2.08 lakh crore, a 7.4% increase over the previous year. While transaction volumes surged 24.5% to 605.3 million, the average transaction value fell nearly 14% to approximately ₹3,440, indicating a consumer shift toward more frequent, smaller-value payments.

HDFC Bank led the market in July additions with 230,067 new cards, followed by SBI Card and ICICI Bank. In contrast, IndusInd Bank experienced a portfolio contraction, losing 9,397 cards during the same period.

A notable shift in market share occurred as public-sector banks saw aggregate spending rise by 22%, increasing their industry share to 22.2%. Meanwhile, private-sector bank spending grew by a more modest 2.8%, resulting in their overall share decreasing to 72.1%.