HDFC Bank, the largest private sector lender, will start selling co-branded credit cards with leading online payment service provider Paytm.
New Delhi . HDFC Bank, the largest private sector lender, will start selling co-branded credit cards with leading online payment service provider Paytm. The company will issue credit cards before the start of the festive season. The bank said in an official statement that the credit cards will be operated by Visa and will include offerings targeting Millennials (people born between 1981 and 1996), business owners and merchants.
Let us tell you that Paytm has more than 33 crore customers and has access to about 21 crore merchants. On the other hand, HDFC Bank has over 50 lakh debit, credit and prepaid cards and serves 20 lakh merchants through its offerings.
Know what the bank said?
HDFC Bank is launching a new card in view of the festive season. The bank said that customers use credit cards more during the festive season. Whatever products will be included in this, it will be launched by December. This move will give a boost to digital payments. The bank said that it will get the support of crores of customers of Paytm, as well as strengthen the hold of the bank in small towns of the country.
To sell 3 lakh cards per month, the
bank said it will focus on distribution partnerships to achieve its target of increasing credit card sales to 5 lakh cards monthly by the end of the current financial year Is. By November 2021, the bank will achieve 3 lakh card sales every month. Paytm Chief Executive Bhavesh Gupta said on this partnership that the company will be targeting every single customer segment in association with HDFC Bank and Visa.
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