HDFC Bank is going to bring a new range of credit cards to its customers in association with the leading online payment company Paytm. On Monday, HDFC Bank entered into an agreement with Paytm in this regard. As part of the agreement, HDFC Bank has announced to start selling co-branded (both brands) credit cards before the start of the festive season.
Offers will be offered for Millennials, Business Owners and Merchants
The credit cards will be powered by Visa and the offer will be targeted at millennials (people born between 1981 and 1996), business owners, and merchants, an official statement said. Paytm has a reach of over 33 crore consumers and 21 million merchants, while HDFC Bank has over 50 lakh debit, credit, and prepaid cards, and serves 20 lakh merchants through its offers.
HDFC was banned from issuing credit cards
HDFC Bank is the largest private sector bank and also leads the credit card segment. Due to repeated technical problems in the bank, the Reserve Bank of India had taken punitive action against him. As part of the action, the bank was banned from issuing new credit cards for more than eight months. After the lifting of the ban, the bank has drawn up aggressive plans to recover its lost market share and under this, it has entered into this agreement with Paytm.