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ICICI Securities Report
Credit card spends grew strongly by 26% month-on-month in October 2021.
The traction is evident from the record absolute credit card spend of Rs 1 trillion during the month and the ratio of ‘credit card to debit card' spend, which stands at 1.32 times now (the highest since April 2019).
However, credit card spends in November 2021 are likely to be flattish as per visible trends.
SBI Cards and Payment Services Ltd. reported 59 basis points month-on-month gain in Oct-21 spends market share after three consecutive months of decline.
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