SBI Cards - Play On Monetisable Payments Growth: ICICI Securities
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ICICI Securities Report
With high growth, entry barriers and near oligopoly, we remain constructive on the Indian credit card business opportunity, and SBI Cards And Payment Services Ltd. is one of the best placed pure play operators in this space.
Rising digitisation, affluence and increasing consumer credit penetration provide sound business triggers.
Already existing business and distribution share (SBIC has ~20% share of cards/spend/POS) provide strong business moats.
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