SBI Cards - Play On Monetisable Payments Growth: ICICI Securities
Assorted credit and debit card machines sit at a payment counter at a Hindustan Petroleum Corp. gas station in New Delhi, India. (Photographer: Prashanth Vishwanathan/Bloomberg)

SBI Cards - Play On Monetisable Payments Growth: ICICI Securities

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.

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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