Commencing from February 2022, HDFC Bank, India's largest credit card provider, plans to launch five lakh new credit cards to its holdings every month. In the following 9 to 12 months, it will be able to reclaim market share and solidify its pioneering rank among the credit card issuer. According to the media release issued on 23rd August 2021 "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 said.
Mr Parag Rao, Group Head - Payments, Consumer Finance, Digital Banking & IT, HDFC Bank said "The last few months have been spent in readying ourselves for the future. When the restrictions from the regulator were in place, we utilised the time to chalk out a new strategy. With our new offerings as well as our existing suite of cards, we are confident of meeting the needs of our customers and 'come back with a bang'."
According to the media report "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."
Some significant RBI statistics that demonstrate being the bank in issuing credit cards are HDFC Bank Credit cards spends are 1.5 times higher than the nearest competitor, the bank has 1.2 times higher number of cards than the nearest competitor, and HDFC Bank Credit spend per card is the highest among Top 6 banks (in terms of CIF & spends), the press report of the bank said.
According to the official data "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."
"It has played a significant role over the years in spurring India's consumption story. The coming festive season will help it play this role better at a time when it is perhaps needed as never before," HDFC Bank has mentioned in its press release.