NEW DELHI: SBI Card, the econd largest credit card player in the country, said on Monday that since the demonetisation move was taken, the total spends on its cards have increased by 25-30 per cent, despite a fall in certain segments such as fuel, jewellery and other discretionary spending.
“Total spending on our cards increased post-demonetisation by 25-30 per cent. But in some cat gories like fuel, jewellery and discretionary spending came down,” SBI Card chief executive Vijay Jasuja said on Monday.
SBI chairman Arundhati Bhatt acharya noted that SBI cards were getting 65 per cent of transactions before demonetisation but it shot up to 85 per cent after demonetisation. “So, in a span of 50 days we have seen a rise of 50 per cent,” she said.
In November, spends had actually declined but the number of transactions went up. But it picked up again in December as there was a 35-50 per cent increase in the number of transactions during the month. With a little over 15 per cent market share, SBI Card is the second largest player in the 27.3 million credit cards market.
Jasuja said he has 4.75 million credit card users. In December 2016 alone, SBI Card issued 1,05,000 new cards. Normally, 35-40 per cent is the attrition. So, net- addition was 65,000 in December.
In the past few months, the company was adding upwards of 1,00,000 cards per month.