HDFC Bank aims to add 5 lakh cards per month to regain credit card market share in 3-4 quarters
The new and enhanced suite of HDFC Bank credit card products will have something for everyone from the mass market to the ultra-premium segments. There will be tailored products for customers to meet their evolving needs.
- HDFC Bank is India’s largest credit card issuer.
- Five lakh new credit cards beginning February 2022.
- 20 initiatives which will hit the market in the next 6 to 9 months.
New Delhi: HDFC Bank, India’s largest credit card issuer, has announced that it is aiming to add five lakh new credit cards to its portfolio every month beginning February 2022. This will enable it to regain its market share and cement its leadership position in the credit card issuing business in the next 9 to 12 months, the bank said.
On August 17, RBI lifted the ban on HDFC Bank which had prevented it from issuing new credit cards from December 2020. However, the restrictions on launching new digital initiatives are yet to be lifted. Its smaller rivals, including ICICI Bank and SBI Card, have utilised the opportunity created by HDFC Bank's absence to narrow the gap with the market leader in the last eight months.
HDFC Bank has over 20 initiatives which will hit the market in the next 6 to 9 months to drive this growth. These include the launch of new co-branded cards with the who’s who of Corporate India spanning pharma, travel, FMCG, hospitality, telecom and fintech. The bank has also revamped its existing range of cards over the past 9 months and is also ready with strategic partnerships with new companies.
The new and enhanced suite of credit card products will have something for everyone from the mass market to the ultra-premium segments. There will be tailored products for customers to meet their evolving needs.
HDFC Bank is the leading player in the payments ecosystem with a strong share in both credit card issuing and acquiring businesses. The bank is the country’s largest credit card issuer, and it has maintained its leadership position over the past 8 months, demonstrating the strength and resilience of the card portfolio, said HDFC bank.
HDFC Bank has about 3.67 crore debit cards, 1.48 crore credit cards and about 21.34 lakh acceptance points, making it among the largest facilitators of cashless payments in the country. With over 5.1 crore credit cards, debit cards and prepaid cards addressing every market segment, every third rupee spent on cards in India happens on HDFC Bank cards.