HDFC Bank has partnered with Paytm to launch co-branded credit cards with an aim to provide one of the widest range of offerings across customer segments, with a special focus on millennials, business owners, and merchants. The HDFC Bank-Paytm co-branded credit cards will be launched in October 2021, during the festive season.
The collaboration between HDFC Bank and Paytm is part of the strategies of the HDFC Bank to regain its lost market share in the credit card space due to the ban imposed on it by RBI for eight months as a penalty, following several outages in its digital offerings.
The credit cards, powered by Visa, will be customized to meet the distinct needs of retail customers, from new-to-credit users to affluent users, and offer one of the best-in-class rewards and cashback for users. The new cards offer will also facilitate small business owners, the companies said in a release.