HDFC Bank Aims to Regain Credit Card Market Share in 3-4 Quarters

News Desk, News Nation 360 : HDFC Bank, India’s largest credit card issuer, announced that it is aiming to add five lakh new credit cards to its portfolio every month beginning February 2022. This will enable it to regain its market share and cement its leadership position in the credit card issuing business in the next 9 to 12 months. The new and enhanced suite of credit card products will have something for everyone from the mass market to the ultra-premium segments. There will be tailored products for customers to meet their evolving needs. Parag Rao, Group Head – Payments, Consumer Finance, Digital Banking & IT, HDFC Bank said that the last few months have been spent in readying themselves for the future. When the restrictions from the regulator were in place, they utilised the time to chalk out a new strategy. With their new offerings as well as their existing suite of cards, they are confident of meeting the needs of their customers and ‘come back with a bang'. HDFC Bank has over 20 initiatives which will hit the market in the next 6 to 9 months to drive this growth. These include the launch of new co-branded cards with the who’s who of Corporate India spanning pharma, travel, FMCG, hospitality, telecom and fintech. The bank has also revamped its existing range of cards over the past 9 months and is also ready with strategic partnerships with new companies. HDFC Bank has about 3.67 crore debit cards, 1.48 crore credit cards and about 21.34 lakh acceptance points, making it among the largest facilitators of cashless payments in the country. With over 5.1 crore credit cards, debit cards and prepaid cards addressing every market segment, every third rupee spent on cards in India happens on HDFC Bank cards.It has played a significant role over the years in spurring India's consumption story. The coming festive season will help it play this role better at a time when it is perhaps needed as never before.  

Report : Anustup Kundu