Business

HDFC Bank aims to regain credit card market share

Kolkata, August 23 (UNI): HDFC Bank, India’s largest credit card issuer, announced on Monday 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.

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 nine months and is also ready with strategic partnerships with new companies.

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.

“The last few months have been spent in readying ourselves for the future. When the restrictions from the regulator were in place, we utilised the time to chalk out a new strategy. With our new offerings as well as our existing suite of cards, we are confident of meeting the needs of our customers and ‘come back with a bang’,” said Parag Rao, Group Head – Payments, Consumer Finance, Digital Banking & IT, HDFC Bank.

HDFC Bank is the leading player in the payment ecosystem with a strong share in both credit card issuing and acquiring businesses. The bank is the country’s largest credit card issuer, and it has maintained its leadership position over the past eight months, demonstrating the strength and resilience of the card portfolio.

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