Credilio has partnered with DCB Bank Ltd. to launch Novio, a new UPI-powered secured credit card aimed at expanding credit access in India. This collaboration targets the country’s large segment of approximately 300 million individuals from middle to upper-middle-income groups and new-to-credit populations, who currently face constraints under traditional credit underwriting methods.
With only around 40 million unique credit card holders in India, Novio seeks to democratise credit by offering a secured credit card backed by a fixed deposit. Users can easily apply through the Novio app and complete fixed deposit booking via UPI without needing to open a savings account. The card features an instant issuance process with auto-linking to UPI, enabling immediate transactions while earning interest on the fixed deposit.
Aditya Gupta, Founder and CEO of Credilio, highlighted that Novio delivers premium benefits such as 10X rewards on everyday spends, exclusive lifestyle privileges including airport lounge access, and instant rewards redemption through its app. This product is designed to make credit more inclusive and aspirational, with a special focus on young, emerging Indians who have traditionally found credit cards out of reach.
Damodar Agarwal, Head of Strategic Alliance & Alternate Channels at DCB Bank, noted that the partnership aligns with the bank’s vision to serve digital-savvy customers and expand credit offerings in non-metro areas. The integration of UPI ensures a seamless, risk-aware, and rewarding payment experience, further supporting financial inclusion.
Credilio has already issued over 50,000 secured credit cards during its beta phase and aims to issue 5 million Novio cards over the next three years. Both organizations share a strategic vision to leverage secured credit cards to harness India’s growing consumer aspirations while maintaining a low-credit risk environment.
DCB Bank is a prominent private sector bank with a strong nationwide presence of 465 branches and 2.5 million customers, offering contemporary banking technology and products across multiple segments.
This partnership is poised to redefine credit access in India, combining fintech innovation with banking strength to empower millions of new credit users across urban and rural India.
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