India Financials: Credit card spends and additions accelerate in June, unit economics improving

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India Financials: Credit card spends and additions accelerate in June, unit economics improving

J P M O R G A N Asia Pacific Equity Research

27 July 2026

India Financials

Credit card spends and additions accelerate in June,

unit economics improving

• Jun ’26 credit card data shows some signs of recovery with industry spend India Financials

AC growth improving to a seven-month high of 10% y/y (vs 6.8% in May ’26) to Anuj Singla

reach Rs2tn+. Transaction volumes grew at an impressive 26.7% y/y, and the (91-22) 6157-3590

value per transaction rose 2% m/m (-13% y/y) to Rs 3,467. The industry net anuj.singla@jpmchase.com

added 1.13mn (+12% m/m) cards during Jun ’26, marking the second J.P.Tower,MorganSantacruz(E),India PrivateMumbaiLimited,- 400098,J.P. MorganSEBI

consecutive month of more than 1mn+ new card additions, signaling a pick-up Registration: INH000001873, (91-22) 6157-3000.

in sourcing with an improving risk appetite at issuers, following improving AQ Harsh Wardhan Modi

trends. On a per-card basis, average monthly spend came off slightly to (65) 6882-2450

Rs16,668 (+1% y/y, -2% m/m). We will closely monitor new card additions as harsh.w.modi@jpmorgan.com

J.P. Morgan Securities Singapore Private Limited/

we see it as a leading indicator of spend and receivable growth acceleration J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

with potential scope for loan mix improvement (higher EMI, revolver), which Morgan Broking (Hong Kong) Limited

has lagged expectations and driven earnings cuts in the sector over the last 1-2 Shivansh Puri, CFA

years. (91-22) 6157-5077

shivansh.puri@jpmchase.com

J.P. Morgan India Private Limited, J.P. Morgan• Spending growth picks up with 10% y/y growth in Jun ’26: Credit card