HDFC Bank and Paytm today (20 September 2021) announced plans for launching a comprehensive range of credit cards powered by VISA.
The partnership aims to provide one of the widest range of offerings across customer segments, with special focus on millennials, business owners and merchants.
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.
Under the partnership, HDFC Bank and Paytm will introduce the business credit cards, offering a host of benefits for merchant partners from the smaller cities and towns of India and enable them to get easier access to credit with instant and paperless approvals. The business credit cards would mark Paytm's foray into the credit card segment for merchants, benefitting Paytm's base of more than 21 million merchants.
They will also introduce an entire range of consumer credit cards, offering cashbacks and benefits, including the mobile credit card targeted at digital-first millennials.
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, the bank said.
Parag Rao, group head - payments, consumer finance, digital banking & IT, HDFC Bank, said: As India's largest card issuing and acquiring bank, we are committed to accelerate the adoption of digitization in the country.
We believe India's growth story is robust and this partnership is an effort on bank's part to enable consumption, particularly, during festive season, which will further fuel the economic growth of the country.
As a leader in the cards space, our objective is to help enlarge the eco-system through such collaborations, which ultimately offers a differentiated experience for customers."
HDFC Bank is one of India's leading private banks. As of 30 June 2021, the bank's distribution network was at 5,653 branches and 16,291 ATMs /cash deposit & withdrawal machines (CDMs) across 2,917 cities /towns.
The private sector bank reported 16.08% rise in standalone net profit to Rs 7,729.64 crore on 6.73% increase in total income to Rs 36,771.47 crore in Q1 FY22 over Q1 FY21.
The scrip shed 0.63% to currently trade at Rs 1573.35 on the BSE.
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