MUMBAI : HDFC Bank and Paytm on Monday announced plans to launch a line of credit cards powered by the global Visa card network in October.
Credit cards will be customized to meet the distinct needs of retail customers, from new users on credit to affluent users, and will provide one of the best rewards and cash back for users, he said.
The release said the launch is slated for October to coincide with the holiday season to tap potentially higher consumer demand for credit card deals, EMIs, and Buy Now Pay Later, with the full line of products that will be offered by the end of December 2021.
With over 51 million credit, debit and prepaid cards and over 2 million merchants, reaching out to all market segments, one in three rupees spent on cards in India goes to HDFC Bank cards, a he declared. The alliance will target deeper penetration into Tier II and Tier III markets and enable faster acceleration of digital payments across the country.
As part of the partnership, HDFC Bank and Paytm will introduce business credit cards, providing a host of benefits to partner merchants in small towns in India and making it easier for them to access credit with instant, paperless approvals.
Bhavesh Gupta, Managing Director of Paytm Lending, said the company is excited to partner with HDFC Bank and Visa to launch a full line of credit cards across all customer segments, with a particular focus on Millennials, business owners and traders.
According to Parag Rao, Group Head (Payments, Consumer Credit, Digital and IT Banking), HDFC Bank, the bank believes India’s growth is solid and this partnership is an effort on its part to enable consumption, especially during the holiday season, which further fuel the country’s economic growth.
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