ICICI Bank, HDFC Bank, HSBC Bank, State Bank of India and Citibank account for 80% of the credit cards issued in India, according to a report by Venture Infotek, India's only consumer-payment transaction processor. ICICI Bank had the largest credit card base in India with 7 million cards for a 28% share of India's card market as of March 31, Venture Infotek's Payment Card Industry Survey 2009 reveals. However, that total is down 22.2% from a year earlier, when the bank had 9 million credit cards in circulation. HDFC Bank, HSBC and State Bank of India followed with market shares of 16%, 14% and 11% respectively, according to the report. Also, credit card spending at the point of sale from 1 April 2008 to 31 March 2009 increased 12.7% among all cardholders, to 653.6 billion rupees (US$14.5 billion or 9.7 billion euros) from 579.8 billion rupees during the period last year. "The credit card spends increased between March 2008 and March 2009 as more and more Indians are using credit cards for purchasing essentials as well as luxurious goods," an analyst said in the report. "Another driver for the growth in credit card spends is the growth of e-commerce and transactions via the Internet." The average annual amount cardholders spent with their cards increased by 25.7%, to 26,461 rupees in March from 21,049 rupees a year earlier, the survey revealed.