PANAJI
HDFC Bank and Paytm, India’s leading digital ecosystem for consumers and merchants, have announced plans for launching a comprehensive range of credit cards powered by VISA.
In a first-of-its-kind alliance, the partnership aims to provide one of the widest range of offerings across customer segments, with a special focus on millennials, business owners and merchants, states a press release.
The credit cards will be customized to meet the 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 card's offering will also facilitate small business owners, the release added.
The launch is planned in October 2021 to coincide with the festive season to tap into potentially higher consumer demand for credit card offers, EMIs and Buy Now Pay Later options, with the full suite of products to be on offer by the end of December 2021. With over 5.1 crore credit cards, debit cards and prepaid cards, and over 2 million merchants, addressing every market segment, every third rupee spent on cards in India happens on HDFC Bank cards. The Bank has thus played a significant role over the years in spurring India's consumption story, the release revealed.
The partnership aims to deliver superior value and experience to customers by leveraging off each other’s strengths: HDFC Bank's salience as India’s leading issuer of credit cards and strength in providing superior customer engagement, and Paytm’s digital prowess and reach of over 330 million consumers. The alliance will target deeper penetration in Tier II and Tier III markets, and enable faster acceleration of digitised payments across the country.
