Credit Card Monthly Spends Falls On Month To Month Basis

| Updated: June 10, 2022 7:04 pm

Cards from all banks saw a surge in  growth, with the numbers given as follows – 

  •  Kotak  Mahindra Bank – (48.5%)
  •  Axis Bank- (+28.6%),
  •  RBL Bank-(+24.9%), 
  •  International Investment Bank (24.2%).

Two banks namely American Express and CITI saw a decline of 11% and 3% respectively. ICICI Bank and Axis Bank also reported an increase in market share, with HDFC ruling the market with a share of 22.7%.

MOFSL expects SBI Card, ICICI Bank, and Axis Bank to continue growing.

Credit card spends fell by a percentage of 2 by month on month basis, but surged in totality or year basis. It was only HDFC that saw a growth of 2%, all other banks saw a downward curve of upto 8%. The highest dips were taken by IIB, AMEX, SCB, and RBK. IIB had the highest ticket size (Rs 11.1k), followed by AMEX (Rs7k), while for others spends were in the range of Rs4,000 to Rs5,200 range. 

Average monthly spends also fell, by 4% sequentially. The average ticket size was around Rs4,700 and the number of transactions per card stood at three respectively. 

If spends have to be measured on a 3 year CAGR basis, they grew by 22%. UPI payments surged to 99.2% year-on-year in April, with ticket size standing firm

 at around ₹1,800.

The market share of UPI has been consistently increasing and stood at 81% in FY22, up from a modest 9% in FY18.

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