According to the most recent data from the Reserve Bank of India, SBI Cards and Payment Services Ltd.'s credit card expenditures increased by 1.2% month-over-month (m-o-m) in August (RBI). This occurs at a time when credit card spending in the sector has decreased by 3% month over month.
Even so, the industry expects credit card spending to increase in September and October, driven by the holiday season. SBI cards would also profit from this because higher spending equals higher receivables. The market share of SBI Cards credit card spends increased sequentially in August after declining m-o-m in June and July.
According to a report by Axis Securities dated 30 September, "We believe the recently launched cashback card will help SBI cards witness strong traction on spends and help further improve its market share. Especially with SBI cards having an exclusive partnership with Amazon for the festive season sale".
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