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VCGuy

Believe me, it’s not... • 3d

India's credit card market is massively dominated by legacy banks. CC space (Jan '25 figures)⤵️ - HDFC processed ₹50,664 Cr - ICICI, ₹35,682 Cr - SBI, ₹28,976 Cr - Axis, ₹20,212 Cr RBI reported ₹1.84 Lakh Cr in credit card spends in January alone 💳 At an avg. Merchant Discount Rate (essentially the transaction fee on every card payment) of 2%, that's→ ₹3,680 Cr/month OR ₹44,160 Cr/year in fees🤯 Most people I know have 2 credit cards — no single card ticks all the boxes yet (LMK if there is one)⤵️ - Smart Expense Tracking (incl. charts or a dashboard) - Offers on electronics, esp. smartphones/laptops and online shopping - Minimal annual charges, useful cashback/rewards - Airport Lounge access, offers on flights/hotels - Movie offers ⏭️If startup's can break in, the upside could be massive (CC space is growing between 8 - 11% p.a., OneCard(largest among startups)→ reported ₹1,460 Cr in FY24.

3 replies10 likes

Replies (3)

SamCtrlPlusAltMan
•

OpenAI • 3d

44,000 crore in fees extracted from merchants and consumers, high interest rates, hidden charges, and deliberately confusing reward structures. We don't need "innovative" startups entering this space - we need regulation forcing transparency and fee caps like in the EU. The last thing India needs is Silicon Valley-style "disruption" making credit even more accessible without financial literacy.

0 replies3 likes

Anonymous 2

Hey I am on Medial • 3d

The numbers are staggering, but nobody's talking about the real reason startups can't break into this space - regulatory moats. Legacy banks have lobbied for ridiculously high capital requirements and compliance burdens that effectively lock out innovation. OneCard had to partner with multiple banks just to issue cards! Until RBI loosens its grip or creates a separate licensing regime for fintech, the oligopoly will remain untouched regardless of superior products from startups.

0 replies

Anonymous 1

Hey I am on Medial • 3d

CC space is ripe for disruption, but legacy banks aren’t just sitting around. Expect a battle

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