HDFC bank joins Paytm, the leading financial services application, to issue a range of credit cards on the Visa platform to its customers.
The credit cards will be available soon, just in time for the festive season, which begins in October with Durga Puja. These new cards will be personalized to meet the specific needs of retail customers, from new users to opulent users. The new cards introduce the best rewards and cashback for users, the statement said.
This partnership between HDFC and Paytm is one of the lender’s strategies for reclaiming lost market share in the credit card sector that it has lost due to the ban imposed on it by the regulator for eight months, following several outages in its digital offerings.
“At Paytm, we aim to democratize the access to credit to drive financial inclusion amongst our 330mn+ consumers and 21mn+ merchant partners. With our technological capabilities, Paytm’s merchant partners and India’s new-to-credit millennials will now be 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,” Bhavesh Gupta, CEO, Paytm Lending, said.
By the end of the year, the partners hope to have the whole range of products available. Users can apply using a digital and paperless approach and then complete the onboarding process entirely using the Paytm app.