India is witnessing a rapid growth in consumer spending and by 2026, it is expected that two out of every three transactions will be through digital mode, said Axis Bank MD and CEO Amitabh Chaudhry Told.
“India is heading towards interesting times, being one of the fastest growing economies in the world and on a journey to become a $5 trillion economy. In addition, we are witnessing some rapid fundamental changes, especially in banking and Financial industry like consumerism and disruption etc.
Choudhary said at the launch, “And this is the reason why large private banks like us invest in improving their operations and modernizing their technological architecture. At the same time, I believe the real difference is to be unique and lead innovation. will come from developing specialized customized products in the with co-branded credit cards samsung and payment solutions provider Visa,
Many efforts have been made by the Central Government and reserve Bank of India He said that India has to become a digital economy. RBI’s announcement to launch a central bank digital currency and innovations like UPI payments are steps in that direction.
All these coupled with simplified customer onboarding, a higher degree of customer awareness and greater acceptance further cement the opportunity for the industry, the official said.
The country’s third largest private sector bank by asset size has a market share of 16 per cent in UPI transactions and 22 per cent in UPI P2M (payments to merchants).
In the credit card business, it is the fourth largest player with an incremental market share of over 17 per cent in the last six months and 12 per cent at the end of the first quarter ended June this fiscal.
The bank’s credit card acquisitions during the June quarter jumped four times to nearly 10 lakh (10 lakh) cards as compared to a year ago.
Arguing the tie-up with Samsung, Sanjeev Moghe, President and Head – Cards & Payments, Axis Bank said that it is one of the biggest names in the industry and the bank has always given priority to innovations and innovations.
“Look at Samsung’s products, they have an overall brand innovation, this is the biggest… They are big in both consumer durables and handsets and that’s how we chose Samsung,” Moghe said.
Even as the bank has set some internal targets to acquire new customers through this co-branded card, which hits the market at the beginning of the festive season, Moghe said, “We have There are some internal targets but it is not something that we are phasing out. We believe the space and opportunities are equally large here and we will wait and see how the consumers react.”
When asked about the price proposition, especially in Tier II and III type markets, the officials said that there is no dearth of capital among Indians. People have aspirations and they are willing to spend.
“We believe that a lot of people across India have enough money and hence we have launched two types of cards,” Moghe said.
Ken Kang, President and CEO, Samsung South-West Asia, said the launch of this credit card is the company’s next big India-specific innovation that enables customers to buy Samsung products and spend on services through a range of industry-leading features. will change the way. ,
HDFC bank The number one player in the credit card business is after SBI Card And ICICI Bank,
(with PTI inputs)