HDFC Bank Leads Credit Card Market, SBI Dominates Debit Cards in July 2025, ETBFSI

India’s largest lender, State Bank of India, continues to maintain its leadership in the debit card market, holding a 24 per cent market share in July 2025, while HDFC Bank remained the top player in credit cards with a 22 per cent share, according to recent data from 1Lattice.

Other top banks in debit cards included Bank of Baroda with a 9 per cent market share, followed by Canara Bank, Union Bank of India, and HDFC Bank, each with about 6 per cent, and Bank of India, Axis Bank, and Punjab National Bank at 4 per cent.

While Public Sector lender, Bank of Baroda’s market share of debit cards remained at 9 per cent in July 2025; it showed a de-growth of 9 per cent on an annual basis, the decline has been constant for months.

SBI and HDFC Bank continued to dominate the debit cards and credit cards market shares respectively, in June 2025. In terms of Year-on-Year growth, in the debit cards segment, Axis Bank and HDFC Bank recorded the highest growth at 12 per cent and 8 per cent respectively while in the credit cards segment public lender Bank of Baroda saw the highest growth in the credit card segment with a 17 per cent year-on-year increase.

In the debit card segment, Private Lender Axis Bank experienced the strongest year-on-year growth, registering approximately 12 per cent, followed by HDFC Bank that grew at 7 per cent. Public lender Canara Bank reported a 6 per cent annual growth, while Punjab National Bank grew at 3 per cent compared to 2 per cent in May 2025. Union Bank of India showed 2 per cent annual growth. SBI retained its top position, and as opposed to declining trends observed before, it saw a year-on-year growth of 5 per cent in July.Bank of India has been experiencing larger drop, with a 9 per cent de growth in July on an annual basis, holding a current market share of 4 per cent.

Debit and credit card transactions in India have seen a steady compound annual growth rate (CAGR) of 20 per cent and 19 per cent, respectively, over the past four years.

HDFC Bank leads Credit Card market

As India’s largest private-sector lender, HDFC Bank continued to dominate the credit card market, maintaining a 22 per cent share in July 2025. It was followed by SBI Card, ICICI Bank, and Axis Bank, which held market shares of 19 per cent, 16 per cent, and 14 per cent, respectively.

ICICI Bank for long held a market share of 17 per cent in Credit Cards until May 2025 when it saw a dip by 1 per cent in June, and stays the same for July 2025.

SBI and HDFC Bank continued to dominate the debit cards and credit cards market shares respectively, in May 2025. In terms of Year-on-Year growth, in the debit cards segment, Axis Bank and HDFC Bank recorded the highest growth at 12 per cent and 8 per cent respectively while in the credit cards segment, ICICI Bank’s market share declined by 1 per cent to 16 per cent.

While holding the largest market share in credit cards, HDFC Bank also witnesses the highest year-on-year growth of 14 per cent, followed by Bank of Baroda and SBI Card, each with 12 per cent and 10 per cent year-on-year growth respectively, holding shares of 3 per cent and 19 per cent, respectively.ICICI Bank posted a year-on-year growth of 4 per cent. RBL Bank’s credit cards’ market share remained stagnant with a de-growth of 12 per cent on a year-on-year basis.

On the other hand, Kotak Mahindra Bank saw a 16 per cent decline in growth, holding a 4 per cent share in the credit card market. Earlier in February 2025, the Reserve Bank of India lifted the ban on Kotak Mahindra Bank on its credit card business. The ban was imposed in April 2024 due to an IT shortage.

Global players in the credit card space saw moderate growth, with American Express posting a year-on-year increase of 3 per cent, accounting for only a 1 per cent market share.

• Published On Aug 28, 2025 at 12:35 PM IST

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