Hyderabad: SBI Card, the second largest card issuer in the country, has grown its cardholder base to five million by adding one million pluscustomersover the last year. The company has also seensignificant increase incard spend which has grown from an average ofRs 3500 crores per month to Rs 5500 crores plus per month,over last one year. This has catapulted SBI Card to second position in terms of card spend among card issuers in the country, with a market share of 15%.
Speaking on the developmentMr Vijay Jasuja, CEO, SBI Card said, “We are delighted that 5 million customers have placed their trust in us. This landmark has been attained at a rapid pace, by adding over 1 million customers in last one year.We believe that our penchant to provide the best in class products and highest level of service, backed by a culture of trust and transparency in everything we do, has been endorsed by our cardholders. The last five years have been a defining period in our growth. We have risen from fourth position in the industry to become the second largest player, both in terms of customer base and card spends. We have consistently maintained YOY growth of over 40% on card spends, outpacing the industry growth by a substantial margin. With monthly retail card spends ofover Rs 5500 crore and customer base of 5 million, we have cemented our position in the market as a card issuer of choice.”
He added, “Our focus has been to grow our portfolio with diverse product offerings ranging from entry level products users to premium and co-branded product products customised to customer needs and spending patterns.We believe only by continually creating additional value for our customers we can reciprocate the trust and support they have placed in us.With the continued support of our customers, we willkeep innovating to develop industry leading payment solutions. A strong emphasis on enhanced customer experience will be the cornerstone for our next phase of growth. We expect to sustain the momentum with 30% plus growth over the coming year.”
The rapid growth in card base and spends have been driven by various factors. SBI Card has been widening its portfolio with unique products such as SBI Card Unnati, with the aim to increase digital payment adoption. The company is also strengthening its premium category which contributes significantly to spend. SBI Card PRIME which caters to urban, young affluent customers was launched recently. Co-branded credit cards have also been a keygrowth driver for the company which routinely partners with relevant brands and institutions to provide maximum value to consumers. With the launch of niche products such as Chennai Metro SBI Card, Tata Star Card and Central SBI Select Cards, the company has expanded its co-brand portfolio over the last year. The company has also expanded its cashback programs to become the largest in the industry, across the widest spread of partners in different regions.
Technology has always been a key pillar of SBI Card`s growth, The company has been integrating latest technological innovations to offer consumers a seamless payment experience. Integration with payment platforms such as Samsung Pay and Bharat QR has been done successfully. The company is continuing to expand its contactless card portfolio as well.