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Axis Securities Report
The July 2021 data suggests a sharp rebound in new card issuances and spends as lockdowns and restrictions ease across geographies.
On a year-to-date basis, the credit card industry witnessed a sharp improvement in spends, albeit on a marginally lower base.
New card sourcing picked up momentum, supporting cards-in-force growth of 10% YoY.
In July 2021, the business volumes grew by 38% YoY, which we believe were aided by the increasing shift towards online spending.
On a year-to-date basis, spends witnessed a robust growth of 78% YoY.
The new customer additions have shown an improvement in month-on-month and are expected to improve further thus aiding cards-in-force growth.
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