Credit card spends top Rs 1 lakh crore for 11th month in a row — ICICI Bank, Axis Bank and SBI Card enjoy the biggest slice

Boosted by ecommerce sales and online transactions, credit card spends in India topped over Rs 1 lakh crore for the 11th month in a row, according to data released by the Reserve Bank of India (RBI). The overall credit card spends stood at Rs 1.28 lakh crore in January 2023, up from Rs 1.26 lakh crore in December 2022.

Online commerce spends comprised 61 percent of the total credit card spends in January, while the rest came from the point of sale (PoS) transactions.

Among major credit card issuers, ICICI Bank, Axis Bank and SBI Card recorded highest spends in January.

Here's a look at overall spends for the past few months, according to RBI data: 

The net addition of cards gathered strong pace in January with 12.6 lakh additions compared to 5.8 lakh card additions in December.

Overall, the outstanding card base in January stood at 8.2 crore.

With 3.3 lakh card additions, SBI Card topped the charts, followed by HDFC Bank with 2.2 lakh card additions. Axis Bank and ICICI Bank added 1.4 lakh and 1.3 lakh cards, respectively.

ALSO READ: What is credit card balance transfer? How it can help you save money

Among major credit card players, HDFC Bank tops with a market share of more than 27 percent, followed by SBI CARd with a little over 19 percent. ICICI Bank and Axis Bank have a market share of over 17 percent and 16.5 percent, respectively.

Catch latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.