ICICI Bank, Amazon Pay renew partnership for co-branded credit cards

ICICI Bank and Amazon Pay have extended their co-branded credit card partnership for seven years, lowering forex markup and continuing unlimited cashback rewards

Private sector lender ICICI Bank on Thursday said it has renewed its partnership with e-commerce giant Amazon’s payment vertical, Amazon Pay, for their co-branded credit card offering “Amazon Pay ICICI Credit” for a further seven years.

 

The co-branded credit card by ICICI Bank and Amazon is the largest such offering in the country, with a customer base of over 5 million. The e-commerce firm first partnered with ICICI Bank in 2018 for the card.

 

In a statement, the bank said that effective 11 October, the Amazon Pay ICICI Bank Credit Card will reduce forex markup on international transactions from 3.5 per cent earlier to 1.99 per cent. It will continue to offer 5 per cent unlimited cashback on shopping and travel bookings via Amazon Pay for Prime members, while non-Prime members will continue to receive 3 per cent unlimited rewards.

 

 

“Our over 5 million valuable customers have consistently enjoyed unlimited cashback, zero joining and annual fees, and seamless redemption,” said Mayank Jain, Director – Credit and Lending, Amazon Pay India.

 

“The Amazon Pay ICICI Bank Credit Card has been one of the fastest-growing co-branded cards in the country,” said Vipul Agarwal, Head – Cards and Payment Solutions, ICICI Bank. He added that the bank has observed a rise in travel among Indian customers, along with growing demand for strong reward propositions and flexible redemption options, and hence reduced the forex markup to strengthen the card’s appeal for digitally savvy users.

 

ICICI Bank has over 18 million credit cards in force as of July, Reserve Bank of India (RBI) data show. It is the third-largest credit card issuer in the country after HDFC Bank and State Bank of India. Axis Bank, the fourth-largest issuer, has a co-branded card tie-up with e-commerce giant Flipkart.