Home Credit card Axis Bank will target rural and semi-urban markets for its credit card business; launches the Samsung Axis Bank credit card

Axis Bank will target rural and semi-urban markets for its credit card business; launches the Samsung Axis Bank credit card

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Photo: BCCL

New Delhi: The credit card industry in India has experienced a compound annual growth rate (CAGR) of 20% over the past five years. The number of credit cards topped 78 million in July 2022. Recognizing the business potential, Axis Bank, India’s third-largest private lender, is looking to carve out the lion’s share in semi-urban and rural markets.

Revenues in India’s semi-urban and rural markets are steadily increasing, presenting a great opportunity for the banking industry as it seeks to grow the country’s credit card market. India is witnessing rapid growth in consumer spending and by 2026, two out of three transactions are expected to be through digital payment methods, said Axis Bank MD and CEO Amitabh Chaudhry.

“India is heading for an interesting time, it is one of the fastest growing economies in the world and it is on its way to becoming a $5 trillion economy. rapid fundamental changes especially in banking and financial industry like consumerism and disruptions etc.

“I think the real differentiation would come from being distinctive and developing exclusive personalized products driven by innovation,” Chaudhry said at the launch of the co-branded credit card with Samsung and payment solution provider Visa. .

There have been many efforts by the central government and RBI to make India a digital economy, he noted. The RBI’s announcement to launch a central bank digital currency and innovations such as UPI payments point in the same direction.

Regarding the price proposition, especially in the Tier II and III markets, bank officials said that there is no shortage of capital among Indians. People have aspirations and they are willing to spend.

Axis Bank, which is the third largest private sector bank in the country by asset size, is the fourth player in the credit card sector with more than 17% additional market share in the last six months and 12% at the end of the June quarter. . HDFC Bank, India’s largest private lender, is currently the top performer, followed by SBI Card and ICICI Bank.

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Samsung Axis Bank credit card

The card offers 10% cashback on Samsung products and services throughout the year, in addition to several other benefits. Cashback will be offered in addition to existing offers, on both EMI and non-EMI transactions.

Users will receive a 10% discount when purchasing products such as smartphones, tablets, laptops, televisions, refrigerators, air conditioners, washing machines or Samsung services such as payment center payments. service, Samsung Care+ mobile protection plans and extended warranties.