SBI
Card customer base grows to five million
The
company added over one million cards in last one year
Growth
in cards base has been complemented by rise in spend
With
40%+CAGR in card spends over last five years,as against industry rate of 20-25%,SBI
Card has achieved second largest spend share in the industry
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.
About SBI Card
SBI
Cards and Payment Services Private Limited (SBI Card) is an Indian financial
services company to offer Indian consumers extensive access to a wide range of
world-class, value-added payment products and services. Presently, the brand
has a wide customer base of 5 million. With a market share of 15%, SBI Card
operates through over 90 locations in India. SBI Card is based on the value
proposition of “Make Life Simple”.
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