The alliance will goal deeper penetration in Tier II and Tier III markets, and permit quicker acceleration of digitised bills throughout the country.
Under the partnership, HDFC Bank and Paytm will also introduce business credit cards.
HDFC Bank has partnered Paytm to release co-branded credit score playing cards with an intention to offer one of the widest variety of services throughout consumer segments, with unique attention on millennials, commercial enterprise proprietors and merchants.
The credit score playing cards, powered with the aid of using Visa, might be customised to satisfy wonderful wishes of retail clients, from new-to-credit score customers to prosperous customers and provide one of the best-in-elegance rewards and cashback for customers. The new playing cards imparting may even facilitate small commercial enterprise proprietors, the corporations stated in a release.
“The release is deliberate in October 2021 to coincide with the festive season to faucet into doubtlessly better patron call for for credit score card offers, EMIs and Buy Now Pay Later options, with the whole suite of merchandise to be on provide with the aid of using the cease of December 2021,” it added.
Under the partnership, HDFC Bank and Paytm will introduce commercial enterprise credit score playing cards, in an effort to provide a number of advantages for service provider companions from the smaller towns and cities of India and permit them to get simpler get right of entry to to credit score with on the spotaneous and paperless approvals.
The commercial enterprise credit score playing cards will mark Paytm’s foray into the credit score card section for merchants, benefitting its base of greater than 21 million merchants, the discharge stated.
“The partnership targets to supply advanced fee and enjoy to clients with the aid of using leveraging off every other’s strengths: HDFC Bank’s salience as India’s main company of credit score playing cards and electricity in offering advanced consumer engagement, and Paytm’s virtual prowess and attain of over 330 million consumers,” the corporations stated.
The alliance will goal deeper penetration in Tier II and Tier III markets, and permit quicker acceleration of digitised bills throughout the country.
The corporations stated they’ll additionally introduce a whole variety of patron credit score playing cards, imparting cashbacks and advantages, together with the cell credit score card focused at virtual-first millennials. Users can practice thru a virtual and paperless system and whole the on-boarding system absolutely thru the Paytm app.
“With our technological capabilities, Paytm’s service provider companions and India’s new-to-credit score millennials will now capable of construct a wholesome credit score profile and benefit get right of entry to to possibilities to be had withinside the formal economy…Our commercial enterprise credit score playing cards had been designed foundation our deep expertise of our service provider companions and we agree with that the services will definitely gain their businesses,” Paytm Lending CEO Bhavesh Gupta stated.
Parag Rao, Group Head – Payments, Consumer Finance, Digital Banking & IT at HDFC Bank stated that the partnership is an attempt at the bank’s component to permit consumption, mainly at some stage in festive season, in an effort to in addition gasoline the monetary boom of the country.
