SBM Bank partners with OneCard to launch mobile-based credit card

SBM Bank on Monday said it has partnered with fintech player OneCard to launch a mobile-based credit card.

With this partnership, the bank said it aims to cater to the tech-savvy populace who have embraced digital as a natural way of life.

OneCard will leverage Visa's technology and global acceptance in this co-branded credit card offering through an app, SBM Bank said in a release.

"This partnership is in sync with our smart banking mission to build products that meet specific consumer need gaps and provide innovative solutions through state-of-the-art platforms," Neeraj Sinha, Head - Retail and Consumer Banking, SBM Bank India, said.

The mobile-first, credit card is a significant step towards acknowledging and celebrating the expanding digital ecosystem of the country, he said.

Vibhav Hathi, Co-founder and CMO, OneCard said research shows that empowerment and transparency are the two main aspects that the digitally savvy young consumers are seeking nowadays.

"This corroborates our belief that they are hungry for credit cards which allow them to be in the driver's seat, giving them full control," Hathi said.

The company earlier launched the OneScore app in 2019 allowing people to monitor and manage their credit health.

The scoring platform is widely popular and has acquired more than 7 million users within just two years of its launch, said the release.

According to ResearchAndMarkets, the Indian credit card industry is expected to grow at a CAGR (Compound annual growth rate) of more than 25 per cent during 2020 - 2025 owing to the growing trend of 'buy now pay later', it said.