SBI Card expects most card transactions to be online

SBI Card expects a majority of its transactions to be executed through online platform by the end of this fiscal. At present, nearly 45 per cent of its transactions take place in the online platform.

"The pace at which we are growing, we are confident that in the next five to six months, the share of online transactions in our credit card business will be close to 50 per cent," said Vijay Jasuja, CEO, SBI Card, at the launch of the company's new product, SimplyCLICK.

At present, the monthly spend through credit cards at SBI is close to Rs 2,300 crore. The total outstanding from credit cards at SBI is close to Rs 6,000 crore. The company expected credit card  spending to grow by 20-25 per cent by the end of this fiscal, said Jasuja.

In terms of number of cards issued, SBI Card's present market share is close to 15 per cent. The company envisaged about 8-10 per cent growth in the number of cards issued this financial year, added Jasuja. In terms of transactions and card spend, it accounts between 11-13 per cent of market share.

SBI Card's new credit card, SimplyCLICK- has a strategic partnership with Amazon India, BookMyShow, Cleartrip, FabFurnish, Foodpanda, LensKart and Ola Cabs - offering ten times the reward points against regular card on buying products from these merchants. This apart, SimplyCLICK SBI Card will offer five-time reward points on all online spend.