HDFC Bank, Paytm to Launch Co-branded Credit Cards

HDFC Bank and Paytm have announced a partnership to launch co-branded credit cards. These cards will be powered by VISA. The offering will especially focus on millennials, merchants, and business owners.

These co-branded credit cards will cater to the needs of retail customers, which will include new users and also seasoned users. These cards will also have one of the best-in-class rewards and cashback for users. It will also help small business owners.

The companies are planning to launch the co-branded credit cards in October this year, just in time for the Indian festival of Diwali.

"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," said Parag Rao, Group Head – Payments, Consumer Finance, Digital Banking & IT, HDFC Bank.

The credit cards will offer 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. The launch of the credit cards will be Paytm's foray into the credit card segment for merchants.