India Banking Sector Check - Retail Digital Payment Volume Growth Remains Healthy: Nirmal Bang

Nirmal Bang Report

Key Points

• As on June 2023, the Indian banking industry’s total payments volume (including digital and paper-based instruments) declined by 1.3% month-on-month (versus a growth of 6.5% month-on-month in May-23), but on YoY basis, it grew by 43.2%. Also, retail payments volume growth remained healthy at 43.3% YoY.

• State Bank of India continues to hold the highest market share in terms of outstanding debit cards at 27.6% despite consistently losing market share. Moreover, on an incremental basis, among the top five issuers of debit cards, Bank of Baroda issued the highest number of cards at 1.2 million in June 2023.

• HDFC Bank Ltd. issued the highest no. of credit cards in June-23 followed by SBI and ICICI Bank Ltd.. Though on month-on-month basis there was 4 basis points improvement in HDFC Bank’s market share, on YoY basis, HDFC Bank continues to lose market share for more than two years at 20.7% versus 23.6% in June-21.

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