Flipkart join hands with Axis Bank to launch co-branded credit card

Must Read

Jharkhand polls for 81 constituencies from November 30 to December 20; counting on 23rd December

Addressing a press meeting today, Chief Election Commissioner Sunil Arora has announced the poll dates for Jharkhand Legislative assembly....

Congress forms six-member committee of AICC to review situation of NRC in Assam

In a bid to review the condition of Assam state after the implementation of the NRC exercise, Congress party...

Shiv Sena elects Eknath Shinde as party’s legislative leader; Sunil Prabhu appointed as chief whip of party

In a striking breakthrough, Shiv Sena elected senior minister Eknath Shinde as the party's legislative leader today. It has...

Flipkart, India’s leading retail giant, owned by Walmart, has ventured into the credit card market after it announced partnership with Axis Bank to launch a co-branded credit card, powered by Mastercard‘s payments architecture.

Flipkart said the credit card offers customers benefits such as unlimited cashback and discounts on all spends, online and offline.

The company claims that the credit card would improve access to credit for some of its customers, who may not be able to get loans or credit cards from traditional banks.

To begin with, the credit card will be available for select users this month. The company plans to open the programme to all customers over the coming weeks.

Flipkart, owned by Walmart, is based out of Bengaluru, founded by Sachin Bansal and Binny Bansal together in 2007. The company initially focused on book sales, before expanding into other product categories such as consumer electronics, fashion, and lifestyle products.

Kalyan Krishnamurthy, Group CEO of Flipkart, said the company is committed to driving access to formal credit among the underserved customers in India.

The Flipkart-Axis Bank Credit Card will also offer customers extra savings on all EMI spends on the Flipkart platform.

Ari Sarker, co-president, Asia -Pacific, Mastercard, said, “Though 90% of transactions in India are still processed in cash, we are seeing a sizable and undeniable shift towards digital payments. This has been spurred by the booming popularity of online shopping and e-commerce – which now account for over 40% of all digital payments in India – and are poised to grow even further in line with the Government of India’s efforts to drive digital adoption across the ecosystem.”

Interestingly, with this credit card, Flipkart joins the league of tech companies such as Amazon, Paytm and Ola in launching credit cards in partnership with Visa and Mastercard.

In India, the credit card market is dominated by the salaried class and is largely used by those in the 30+ age group. However, tech companies are going after younger users, who form the bulk of their user base as well.

Currently, the credit card market in India is dominated by HDFC Bank, State Bank of India, ICICI Bank, Axis Bank and Citibank. In February 2019, a total of 46.1 Mn credit cards were in operation in India, with nearly 9.13 Mn credit cards and 89.11 Mn debit cards added in one year.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Shekhar Ravjiani pays Rs 1,600 for three egg whites

Ahmedabad, Nov 15 (IANS) Singer-composer Shekhar Ravjiani has been charged a whopping Rs 1,672 for three egg whites at...

Kasautii Zindagii Kay actress Erica Fernandes gives positive vibes with THIS latest picture

Actress Erica Fernandes has become one of the most popular names in the television industry with her role in 'Kasautii Zindagii Kay.' She recently shared...

Harshit Vyas appointed as new Chief Business Officer for hospitality chain Oyo

Harshit Vyas has been appointed as a new Chief Business Officer (CBO) for hospitality startup Oyo Hotels & Homes, reported Mint. The company Oyo said...

Sharad wins silver; Mariyappan, Vinay take bronze at WPA C’ships

Dubai, Nov 15 (IANS) Two-time Asian Para Games champion Sharad Kumar cleared the bar with season's best 1.83 metres to clinch the silver besides...

Anushka’s new muse is from ‘Chacha Chaudhary’

Mumbai, Nov 15 (IANS) After drawing inspiration from the popular character from the Tinkle comics' Suppandi, actress Anushka Sharma new muse is another famous...
- Advertisement -

More Articles Like This