84 Market Today, India has one of the most evolved, diverse and thriving digital payments ecosystems in the world. During the past few years, Government of India’s vision for a Digital Economy has been focused in ensuring India’s transformation into a cashless society. Along with this, factors such as e-commerce adoption, high mobile penetration and exponential growth in PoS infrastructure have contributed towards shaping the payments industry into its current form. As India steadily moves towards transforming into a digital economy, there is enough space for different forms of digital payments to coexist, with each performing its own role in driving the transition to a less-cash economy. Within the growing payments landscape, credit cards have become one of the most preferred mode of transactions. In fact, they have become an indicator of the increasing purchasing power of consumers and as a result, a reflection of economic growth.The credit card market continues to offer immense growth oppor tunities, as can also be gauged from the credit card spends, which grew at a CAGR of 32% from fiscal year 2015 to fiscal year 2019 and is expected to reach C15 trillion by fiscal year 2024.* Covid-19 has increased the momentum for digital payments in an unprecedented manner. In a progressive move, in January 2021, Reserve Bank of India raised the limit of contactless transactions from C2,000 to C5,000. This is set to fur ther accelerate the pace of adoption and usage with companies fast equipping themselves with contactless facilities. Such developments bode well for leading credit card players like SBI Card. Almost the entire por tfolio at SBI Card is equipped with contactless functionality. In FY 2019-20, SBI Card also launched an e-card on Android mobile phones through its SBI Card Pay, via which customers can make contactless payments at Near Field Communication (NFC) enabled point of sale terminals with just one tap on their mobiles, without using the physical credit card. SBI Card, as India’s largest pure-play credit card player,* has been an integral par t and an enabler of the evolving payments.The brand’s market share with respect to cards in force grew to 19.1% and spends market share increased to 19.4% in fiscal year 2021, as per SBI Card Annual Repor t 2021, despite widespread economic disruption caused by the pandemic. The brand attributes its success to its resilient workforce and sound business fundamentals that contribute towards SBI Card’s strong growth and stable por tfolio. Achievements SBI Card has deep industry exper tise and a demonstrated track record of growth and profitability. It has shown persistence and perseverance over two decades and has successfully navigated its way through several ebbs and tides of India’s macroeconomic landscape. In 2020, the company was listed on BSE and NSE and became the first pure-play credit card player ever to turn into a publicly listed company in India. SBI Card throughout has had undeterred commitment towards providing its customers an enriching experience.This customer centricity has ensured high focus on technology. Today, SBI Card is known for its proactive and innovative approach towards latest technology adoption not only in the payments but also at the enterprise level. The organisation’s endeavours have earned it numerous accolades, a few notable ones being: Most Trusted Brand 2021 by Reader’s Digest for the thir teenth time; Gold 2021 Stevie Winner : For Sales & Customer Service for Innovation in Customer Services; Iconic Brand of India 2020 by the Economic Times; Award for Analytics/Big Data as par t of the DELL Technologies BFSI Technology Conclave 2020; Best Loyalty Programme in Financial Sector : Non-Banking 2019 under Customer Loyalty Awards; VISA Recognition – Champion Security Award South East Asia for Excellence in Fraud Risk Management 2019; Compliance Professional of the Year Award as par t of GRCI Compliance Started in 1998, SBI Card’s journey can be described in two words – Trust and Excellence. Since then, it has pursued its motto of making lives simple for its customers. SBI Card, as India’s largest pure-play credit card player, has been an integral part and an enabler of the evolving payments ecosystem.The brand’s market share with respect to cards in force grew to 19.1% and spends market share increased to 19.4% in fiscal year 2021, despite widespread economic disruption caused by the pandemic. In 2020, the company was listed on BSE and NSE and became the first pure-play credit card player ever to turn into a publicly listed company in India. *As per CRISIL Repor t ‘Analysis of Credit Cards Industry in India’ dated November 21st, 2019 Superbrands 2022 in.superbrands.com
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