SBI Cards & Payments Services Pvt. Ltd.is a payment solutions provider in India.
GE Capital had partnered with State Bank of India to float two joint venture companies in 1998, including SBI Cards for developing credit card business in India.
Vijay Jasuja, Chief Executive Officer, SBI Card, said they have already have pulled out a strategy for increasing its credit card customers on an incremental basis month-on-month, by touching the bank’s own customer base. Now improving his credit card acquisition and market share. SBI has currently holds the second place in terms of spend of ₹5,500 crore a month.
SBI Card is the second-largest issuer of credit cards database nearby 50 lakh, below HDFC Bank. SBI card sales increased 26% year-on-year to 45.6 lakh as on March 31, SBI is looking to improve its card sales 25-30 percent this financial.
For the financial year ended March 31, 2016, SBI Card announced a net profit of ₹271 crore and profit before tax of about ₹438 crore. As of October 2016, SBI has a customer base of 4 million credit cards.
SBI card started into a tripartite agreement with SBI and CIBIL to offer pre-approved cards to that customer only who’s eligible according to their database.
SBI holding 38% cards customer and 47% comes from open market and co-branded offerings also 50 core customer base If they can get 1% of them that will make SBI Card market king. keep on adding more customer data by day It’s increasing from 33% to 38% a year ago.
The company launched Unnati Card targeted Jan dhan account holders. they also aimed to this segment to target their aim.
SBI also comes with online and offline special offers this festival to attracted new customers.such as EMI based offers, Flipkart for its flagship Big Billion Days sale between September 20 and 24. and offering customers up to 10 percent cash back on all purchases.