Nearly 70 per cent of the incremental demand for SBI Card comes from customers in tier-II and beyond towns and cities, says MD and CEO, Rama Mohan Rao Amara.
“Tier-II-plus towns contribute almost 70 per cent of new card demand, and 66 per cent of online spends. So, we have been a beneficiary of the shift in consumer mindset,” said Amara at the launch of the SBI Paytm card on the RuPay network.
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As of April-end, SBI Card had 1.7 crore credit cards in-force, with 94,472 new card additions during the month. Card spends for April were at Rs 24,291 crore.
Credit cards have become more acceptable and financially inclusive thanks to the reach of the RuPay network, and the move to integrate credit cards on the UPI network.
“We joined hands with Paytm to make the credit card more accessible to young and digitally-evolved customers. Its launch on the RuPay network has further strengthened its value proposition,” Amara said.
Originally launched in November 2020, 60 per cent of the card’s customers are active monthly users, and average spends are 1.2 times the industry.
The first pure play credit card issuer in the country, SBI Card completed 25 years this month. The sponsorship of two industry majors — State Bank of India and GE Capital — a diversified customer base, strong partnerships, value-added benefits for customers, product innovation and digital adoption have helped grow the brand, Amara said.