HDFC Bank accomplices with Paytm to launch co-branded credit cards

HDFC Bank and Paytm, on September 20, reported a plan to launch a range of credit cards powered by VISA. The organization expects to give a scope of contributions across client sections, with special spotlight on millennials, entrepreneurs and dealers, the bank said in an official statement.

This is the first co-branded credit cards launch by the country’s biggest private sector lender after the Reserve Bank of India (RBI) lifted a restriction on the bank on new charge card launches in August this year. The RBI had forced the restriction on the bank in December last year following a series of digital outages.

“The credit cards will be customized to meet distinct needs of retail customers, from new-to-credit users to affluent users and offer one of the best-in-class rewards and cashback for users. The new cards offering will also facilitate small business owners,” the bank said.

The launch is arranged in October 2021 to harmonize with the bubbly season to take advantage of conceivably higher shopper interest for credit card offers, EMIs and Buy Now Pay Later alternatives, with the full set-up of items to be on offer before the finish of December 2021, HDFC Bank said.

HDFC Bank is one of the greatest card guarantors in the country with around 14.8 million credit cards and 37.7 million charge cards, while ICICI Bank has around 11 million credit cards and 39 million check cards, according to RBI insights. ICICI Bank had forcefully pushed new advanced drives like iMobilePay which gives installments administrations to clients of different banks as well.

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