Sunday, May 19, 2024

HDFC Bank partners with Paytm to launch co-branded credit cards

HDFC Bank and Paytm, India’s leading digital ecosystem for consumers and merchants (1), today 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 launch is planned in October 2021 to coincide with the festive season to tap into potentially higher consumer demand for credit card offers, EMIs and Buy Now Pay Later options, with the full suite of products to be on offer by the end of December 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. The Bank has thus played a significant role over the years in spurring India’s consumption story.

Bhavesh Gupta, CEO, Paytm Lending said, “At Paytm, we aim to democratize the access to credit to drive financial inclusion amongst our 330mn+ consumers and 21mn+ merchant partners (2). With our technological capabilities, Paytm’s merchant partners and India’s new-to- credit millennials will now able to build a healthy credit profile and gain access to opportunities available in the formal economy. We are delighted to partner with HDFC Bank, and Visa, to launch a comprehensive suite of credit cards across customer segments, with special focus on millennials, business owners and merchants. 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: “As India’s largest card issuing and acquiring bank, we are committed to accelerate the adoption of digitization in the country. We believe India’s growth story is robust and this partnership is an effort on Bank’s part to enable consumption, particularly, during festive season, which will further fuel the economic growth of 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, VISAsaid,
“Consumers and businesses alike are embracing digital payments today. 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. With cards designed to suit the needs of each type of customer – from the new- to-credit to the digitally savvy and small merchants, I am confident this partnership will enable and drive access to credit.”

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