HDFC Bank and Paytm have entered into a partnership to launch co-branded credit cards that would be providing widest range of offerings with special focus on millennials, merchants and business owners. The launch is planned for October as it is the peak month of festivities. This is the time when there is great demand of credit card offers, EMIs and Buy Now Pay Later options. The whole suite of products can be availed up to December 2021. Â The credit cards have been powered by Visa. The cards would be customized to meet distinct needs of retail customers, whether they are experienced credit users or new-to-credit users. Users would also be availing one of the best-in-class rewards and cashback.
To cater to digital-first millennials, an entire range of consumer credit cards, offering cashbacks and benefits, including the mobile credit card is being introduced. They would be able to apply through a digital and paperless process and complete the on-boarding process fully through the Paytm app. Apart from the millennials, the new cards will also be facilitating small business owners.
The partnership has plans to penetrate in the Tier II and Tier III markets. Business credit cards are being introduced which come with a host of benefits for the merchants of small towns in India. They would be able to avail easier access to credits with paperless and instant approvals. HDFC Bank and Paytm are leveraging on each other’s strengths by coming into this partnership. HDFC Bank brings with it the expertise of being the leading issuer of credit cards and ability for exemplary customer engagement, while Paytm would be adding value by its digital prowess and reach of over 330 million consumers.