Federal Bank has announced a tie-up with OneCard for a mobile-first credit card that targets the country’s young, tech-savvy population. The launch comes ahead of the festive season as Federal Bank aims to cash in on consumer credit demand, which is expected to peak around the festive season on the back of economic revival.
About the credit card:
- The credit card will be issued through the OneCard app in under three minutes, as per the company, and can be activated and used instantly in virtual format until the physical card gets delivered.
- Users can control their cards through the app—from tracking spends and rewards to setting transaction limit on the card and more.
- Federal Bank’s target user base for this offering is young working professionals aged between 23 and 35 years, as per the bank.
Important takeaways for all competitive exams:
- Federal Bank MD and CEO: Shyam Srinivasan;
- Federal Bank Headquarters: Aluva, Kerala;
- Federal Bank Founder: K.P Hormis;
- Federal Bank Founded: 23 April 1931.