JAMMU, Sept 21: 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 a special focus on millennials, business owners, and merchants.
The credit cards will be customized to meet the 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 offer will also facilitate small business owners.
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.
Bhavesh Gupta, CEO, Paytm Lending said, “We are delighted to partner with HDFC Bank, and Visa, to launch a comprehensive suite of credit cards across customer segments, with a 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 and IT, HDFC Bank, said, “As India’s largest card issuing and acquiring bank, we are committed to accelerating 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. 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.”