HDFC Bank has announced its partnership with leading payments company Paytm, to offer co-branded credit cards on the Visa platform to businesspersons, millennials and merchants. The HDFC Bank-Paytm co-branded credit cards will be launched in October during the festive season to tap into the high consumer demand for credit cards, equated monthly instalments (EMIs), and buy now pay later (BNPL) options and the full suite of products will be offered by the end of December 2021.
About the collaboration:
- 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.
- HDFC Bank and Paytm will also collaborate to introduce business credit cards, which 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.
Important takeaways for all competitive exams:
- Headquarters of HDFC Bank: Mumbai, Maharashtra;
- MD and CEO of HDFC Bank: Sashidhar Jagdishan;
- The tagline of HDFC Bank: We understand your world.
- Paytm HQ: Noida, Uttar Pradesh;
- Paytm Founder & CEO: Vijay Shekhar Sharma;
- Paytm Founded: 2009.