Total credit cards in circulation stood at 96 million in November 2023, according to Reserve Bank of India (RBI) data.
This reflects a 19% year-on-year (YOY) increase and a 1.36% month-on-month (MOM) rise. Total expenditures, on the other hand, rose by 39% YOY to ₹1,61,035.2 crore. However, this was 10% down MOM, the data showed.
Despite this dip, the average spend per card reached ₹16.774, marking a notable 17.5% YOY climb but showing an 11.24% MOM decrease. This figure clinched the second-highest average spend per card in history.
| Metric | November 2023 data |
|---|---|
| Total credit cards | 96 million |
| YOY increase | 19% |
| MOM increase | 1.36% |
| Total expenditures (₹) | ₹1,61,035.2 crore |
| YOY expenditure increase | 39% |
| MOM expenditure decrease | 10% |
| Average spend per card (₹) | ₹16,774 |
| YOY average spend increase | 17.5% |
| MOM average spend decrease | 11.24% |
Among the industry giants, SBI Cards sustained its position with distinctive growth metrics. Their total spends surged to ₹31,459.1 crore, showcasing 34.77% YOY growth. However, mirroring the industry trend, a notable 11.28% MOM downturn was observed.
The number of SBI Cards stood at 18.3 million in November. This reflected a 20.3% YOY surge and a marginal 1% MOM increase. Despite this, the average spend per card at ₹17,237 depicted a 12% YOY rise but witnessed a 12.2% MOM decline, RBI data showed.
SBI Cards' spend share stood at 19.54% in November, slightly down from 19.81% MOM. Their card share dropped marginally to 19.01% from 19.08% MOM, marking the lowest figure in the past nine months.
(Edited by : Amrita)
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