The Axis-CitiBank deal is a positive development for the credit cards space, that is the word coming in from Parag Rao, Country Head of Payments Business at HDFC Bank.
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On Citi- Axis deal Rao said, “I don't see this as consolidation. Citi’s reason to sort of exit the business was global ramifications. I don't see this as a consolidation. In fact, I see over the next two to three years more banks actually entering the card space. We view this as very positive because that is going to only expand the marketplace because you will have more offerings to more customers. The bankable population, which is credit eligible is growing.”
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On card spends Rao said, “Card spends are back, actually they have exceeded the pre-pandemic levels and mind you this is without a very two important categories of travel and travel abroad India, hotels, airline tickets, etc. These two categories are coming back now and I do expect a bumper summer season.”
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