SBI Cards Cashing In On The Cashless Surge: Motilal Oswal Initiates Coverage 
A customer enters a pin into a credit card terminal. (Photographer Patrick T. Fallon/Bloomberg)

SBI Cards Cashing In On The Cashless Surge: Motilal Oswal Initiates Coverage 

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Motilal Oswal Report

SBI Cards and Payments Services Ltd. has strengthened its position as the second-largest card player in the country with a market share of approximately 19% in outstanding cards and ~20% in overall spends.

The company has an outstanding card base of ~11.5 million and has doubled its card base over the past three years at an average incremental market share of 23%.

The company has access to the parent State Bank of India's vast network of ~22,000 branches and customer base of ~450 million, along with strong open market sourcing capabilities.

Thus, it remains well-placed to capitalize on growth opportunities in a highly underpenetrated market.

Click on the attachment to read the full report:

Motilal Oswal Initiating Coverage On SBI Cards & Payments.pdf


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