The country’s largest private sector bank, HDFC Bank, on February 6 launched four new small and medium enterprises (SME)-focused credit cards. “The new cards will make up a part of the strong suite of SME payments solutions that the bank offers — BizFirst, BizGrow, BizPower, and BizBlack,” the bank said in a press release.
The lender has also introduced a unified digital platform which consolidates all payables such as vendor payments, utility bills, and statutory payments etc. associated with the credit card. Additionally, the bank said it will launch a new credit card for freelancers and gig workers.
“Freelancers/GIG workers is a new emerging segment in the self-employed category and the bank will be launching GIGA Business Credit Card shortly for this segment,” the release said.
On January 24, the bank became the first lender to have two crore credit cards in force (CIF).
The bank is a prominent credit card issuer in India, having started its credit card business in 2001. It launched its first credit card and reached the milestone of 1 crore cards in-force in 2017. The lender doubled this number to 2 crore cards in just six years.
As of March 2023, HDFC Bank has the largest market share of the credit card business in India, accounting for 28.6 percent. According to the latest RBI data, the bank added 3.2 lakh cards in November, taking the total number of cards outstanding to 1.95 crore, making it the largest card issuer in the country.
The bank's monthly card spending range between Rs 35,000-45,000 crore. As of December 2023, the bank's payments business, which includes consumer durable loans and credit cards, accounted for 8 percent of retail assets.
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