HDFC Bank partners with Paytm to launch co-branded credit cards
Mumbai: HDFC Bank and Paytm, Monday 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 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.
The launch is planned in October 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.
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.
Bhavesh Gupta, CEO, Paytm Lending said, “We are delighted to partner with HDFC Bank, and Visa. Our Business Credit Cards have been designed basis our deep understanding of our merchant partners and we believe that the offerings will truly benefit their businesses.”
Parag Rao, Group Head – Payments, Consumer Finance, Digital Banking & IT, HDFC Bank, said: “We are committed to accelerate the adoption of digitization in 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.”
T R Ramachandran, Group Country Manager, India and South Asia, VISA said, “We are proud to partner with Paytm and HDFC Bank and deploy the full suite of Visa solutions and capabilities, as they launch an array of world-class products to tap into the potential of this vast and diverse customer set.”
