Private lender HDFC Bank has collaborated with Paytm, leading digital ecosystem, to launch a range of credit cards powered by VISA. The alliance aims at offering a wide range of offerings across customer segments, with a special emphasis on millennials, business owners and merchants.
As mentioned in the official communique, the credit cards will be customized to match the specific needs of retail customers, from new to existing users. The new cards offers will also facilitate small business owners.
The launch of the cards is planned in October 2021 in sync with the festive season to tap ithe higher consumer demand for credit card offers, EMIs and Buy Now Pay Later options.
Under the partnership, HDFC Bank and Paytm will be introduce the Business credit cards, offering a host of benefits for merchant partners from the smaller cities and towns of India and enable them to get easier access to credit with instant and paperless approvals.
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, VISA said, “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.”