A month after the Reserve Bank of India (RBI) partially lifted a ban on HDFC Bank, permitting it to restart issuance of bank cards, the lender on Monday introduced its tie-up with Paytm for promoting co-branded bank cards from October onwards, coinciding with the start of the competition season.
The bank cards could be enabled by Visa and will likely be geared toward a choose clientele together with the youth, retailers and enterprise individuals, in response to an announcement issued by HDFC Bank.
“The credit cards will be customised to meet 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 assertion additional learn.
The tie-up is geared toward offering superior worth and expertise to prospects with each HDFC Bank and Paytm leveraging off by way of one another’s strengths, the assertion added.
“The alliance will target deeper penetration in tier II and tier III markets, and enable faster acceleration of digitised payments across the country,” each the entities acknowledged.
Paytm has a buyer base of greater than 330 million shoppers and 21 million retailers, whereas HDFC Bank has greater than 5 million prospects utilizing debit, credit score and pay as you go playing cards.
On December 2, 2020, the RBI had barred HDFC Bank from issuing bank cards after receiving complaints of frequent break downs in its web and cell banking methods.
Though the central financial institution lifted the ban on August 18, 2021, permitting HDFC Bank to difficulty bank cards, the restrictions on contemporary digital launches stay.