Credit Cards - Covid 2.0 Impact Relatively Lower; June Witnesses Recovery: ICICI Securities

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ICICI Securities Report

The payment snapshot available for FY22-till-date indicates the impact of Covid-19 second wave has been significantly less than the first.

This is true for all modes of payments including credit cards. Key supporting data include:

1. higher credit card spends in April 2021 than H1 FY21 (on monthly basis)

2. sharp recovery in spends trends in June 2021 till date

3. 162% higher spend per card for aggregate system in April-21 (over April-20).

Unified payments interface’s market share has increased from 8.1% in January 2020 to 11.7% in March-21 and 15.5% in April-21.

The ratio of UPI to credit card has continued to gradually increase from 3.24 times in January-20 to 6.97 times in March-21 and 8.34% in April-21.

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