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ICICI Securities Report
The payments ecosystem remains strong in terms of credit card (count, spends, receivables per card), monthly One 97 Communications Ltd. data (gross merchandise value, merchant addition, credit distribution) and UPI data (more than 10 billion transactions in August 2023).
SBI Cards and Payment Services Ltd. added 0.21 million credit cards in July 2023, while Paytm added 0.5 million subscription-paying merchants in Aug-23.
Overall credit cards in force is closing on 90 million while credit/credit card on UPI is also gaining traction.
We expect payments' profitability to also increase on the back of better spend mix (non-UPI) and likely increase in net interest margins with stabilisation in cost of funds.
Paytm continues to add subscribed merchants and crossed Rs 55 billion monthly loan distribution in August 2023.
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