Launched in 2019, Flipkart Axis Bank Credit Card surpasses 2 mn users

The card covers 18,000-plus pin codes, with nearly a million cards issued in under a year owing to the increase in online adoption and digital transactions

E-commerce firm Flipkart and Axis Bank, India’s third largest private sector bank, said  that their co-branded credit card ‘Flipkart Axis Bank Credit Card’ has crossed the two million Cards in Force (CIF) milestone. Launched in 2019, the card offers convenience and benefits to its users with best-in-industry cashback, features and seamless processes.

The companies said this co-branded product offers an easy and seamless onboarding experience and is designed to cater to both creditworthy consumer segments and those who have limited access to formal credit cards. The card covers 18,000-plus pin codes. Nearly a million cards issued in under a year owing to the spike in online adoption and digital transactions.

The product’s features include 5 per cent cashback on Flipkart and Myntra purchases, and 4 per cent at marquee brands like Cleartrip, Curefit, PVR, Tata 1Mg and Uber. There is a 1.5 per cent cashback on all other spends which is one of the highest in the industry. The card also offers a superior reward experience with a hassle-free direct cashback, which gets reflected on the customer’s credit card statement.

“We are committed to providing our customers with innovative and secure services that improve both accessibility and affordability and the Flipkart Axis Bank Credit Card is a true testament to that,” said Dheeraj Aneja, SVP & Head – Fintech and Payments Group,Flipkart. “ Indian consumers have evolved, and today more than ever, there is a strong and growing desire to upgrade their lifestyles. The co-branded credit cards, look at tapping into this potential by helping elevate the consumers' purchasing power.”

Both Flipkart and Axis Bank have been constantly innovating digital-first solutions to simplify customer journeys. The card issuance process is end-to-end digital, paperless, and includes video verification to expedite the KYC process. Currently, more than 40 per cent cards are being issued without any physical intervention.

By introducing the ‘Card Console’ feature, this card sets new benchmarks for customer-friendliness. This feature offers users a one-stop cockpit view of card information on the Flipkart app. Users can access monthly statements, view transactions, choose from bill payment options, increase credit limit, and set a limit on contactless payments and other monthly transactions. These conveniences have led to higher customer engagement and increased usage with over 85 per cent card activation within the first three months of card issuance.

“While a strong proposition is what started our journey, what has kept the customers engaged is the accessibility of all the features and controls in a single easy to use console which is evident from the issuance and usage metrics,” said Sanjeev Moghe, EVP & Head – Cards and Payments, Axis Bank. “ We are dedicated towards a digital-first approach with future-ready products for all customers across the country.”

While informal credit is available in many forms even today, there are many consumers who still do not have access to credit offerings from a formal institution. The Flipkart Axis Bank Credit Card aims to make formal credit and retail more inclusive.