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Fintech majors are counting on co-branded cards in returns play - The Economic Times

Economic Times

Economic Times · 1d ago

Fintech majors are counting on co-branded cards in returns play - The Economic Times

Google Pay plans to launch a co-branded credit card with Axis Bank, marking its entry into regulated financial products in India. This move follows its previous gold loans partnership with Muthoot Finance. Indian fintechs, including Google Pay and PhonePe, are enhancing their credit offerings to generate steady revenue, especially since UPI payments remain free. These collaborations allow fintechs to engage customers and earn commissions while maintaining stringent applicant checks for financial safety.

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Co-branded credit cards are poised to outpace traditional credit cards: report

YourStory

YourStory · 10m ago

Co-branded credit cards are poised to outpace traditional credit cards: report

According to a report by RedSeer Strategy Consultants and Hyperface, co-branded credit cards are growing in popularity in India and are expected to grow twice as fast as traditional credit cards. The report suggests that co-branded cards will capture over 25% of the market share by volume by FY28 and have a higher transaction volume and value compared to traditional credit cards. The average spend per co-branded credit card is also 1.2 times higher, with a superior activation rate. The growth is driven by tailored rewards and exclusive benefits through strategic partnerships with brands in various sectors.

Co-branded cards have advantage in activation over traditional ones: RV Ramanathan

Money Control

Money Control · 10m ago

Co-branded cards have advantage in activation over traditional ones: RV Ramanathan

Co-branded cards are expected to experience faster growth compared to traditional credit cards due to evolving regulations and better-defined customer needs, according to RV Ramanathan, CEO of Hyperface. He predicts that the credit cards segment will reach 200 million by 2027-28, with more mass-market cards being preferred and high rewards points becoming less common. Co-branded cards tend to have better activation rates due to their positioning towards loyal customers, voluntary applications, integrated digital experiences, and brand recall. Ramanathan also sees co-branded cards expanding beyond fuel, online shopping, and food and beverage, targeting various industries and consumer segments. Additionally, the emergence of credit lines on UPI (Unified Payments Interface) will contribute to the growth of co-branded cards.

Cobranding with Tata Neu, Swiggy widens HDFC Bank cards’ reach

Economic Times

Economic Times · 1y ago

Cobranding with Tata Neu, Swiggy widens HDFC Bank cards’ reach

HDFC Bank is capitalizing on the trend of co-branded credit cards by issuing a large number of cards in partnership with popular brands like Swiggy and Tata. This move by HDFC Bank allows customers to enjoy special offers and benefits when using these co-branded cards, enhancing their overall card usage experience.

Federal Bank, South Indian Bank announce measures on co-branded credit cards

Money Control

Money Control · 1y ago

Federal Bank, South Indian Bank announce measures on co-branded credit cards

Federal Bank and South Indian Bank have announced measures regarding their co-branded credit cards in response to regulatory guidance from the Reserve Bank of India (RBI). Federal Bank has stopped issuing new co-branded credit cards and is rectifying deficiencies before resuming issuance. Both banks will continue to service existing customers with co-branded credit cards. The RBI recently amended its master directions on credit and debit cards, requiring card issuers to monitor the end use of funds and safeguard customer data. The RBI also stated that card issuers should not be restricted from using services from multiple networks.

Federal Bank restarts co-branded credit card issuance with fintech startup Scapia

Economic Times

Economic Times · 4m ago

Federal Bank restarts co-branded credit card issuance with fintech startup Scapia

Federal Bank has resumed issuing co-branded credit cards with fintech startup Scapia after a year-long pause due to regulatory intervention. This restart follows the Reserve Bank of India's approval, indicating potential further partnerships. Scapia, founded by Anil Goteti in 2022, focuses on offering travel-specific credit cards. The revival aids Scapia's operations and aligns with its goal to create a travel ecosystem. The move also positively impacts the fintech sector amidst increased regulatory scrutiny.

UPI integration gives a fillip to RuPay credit cards distribution

Economic Times

Economic Times · 1y ago

UPI integration gives a fillip to RuPay credit cards distribution

Around 30% of new credit cards in India are now issued on the RuPay network, following the linking of Unified Payments Interface (UPI) with RuPay credit cards. Prior to this integration, RuPay cards accounted for only 5% of new credit card issuances. Large banks are actively issuing RuPay credit cards to meet customer demand, including co-branded cards running on the RuPay platform. However, transaction growth has not kept pace with card issuance. Some banks are concerned about losing credit card customers to popular UPI payment applications, which may cross-sell additional financial products to customers.

Kotak Mahindra Bank open to more partnerships on co-branded credit cards, says senior executive

Money Control

Money Control · 1y ago

Kotak Mahindra Bank open to more partnerships on co-branded credit cards, says senior executive

Kotak Mahindra Bank is planning to launch more co-branded credit cards in partnership with industry players. The bank currently has five co-branded credit cards with IndiGo Airlines, PVR, Indian Oil Corporation, Myntra, and Metro Cash and Carry. Additionally, Kotak Bank has partnered with BookMyShow to offer discounts on tickets for international artists, which has seen significant growth in credit card spending. The bank is also focused on boosting its RuPay credit card business, which has been performing well.

Federal Bank to come back with co-branded credit cards in 3-4 months after getting regulatory approvals: Shyam Srinivasan

Money Control

Money Control · 1y ago

Federal Bank to come back with co-branded credit cards in 3-4 months after getting regulatory approvals: Shyam Srinivasan

Federal Bank is planning to reintroduce co-branded credit cards in the next three to four months pending regulatory approvals from the Reserve Bank of India (RBI), according to Managing Director and CEO Shyam Srinivasan. The bank has put a halt on issuing new co-branded credit cards after receiving a letter from the RBI on March 12, 2024. Federal Bank recently reported a nearly flat net profit of Rs 906 crore ($120.53 million) for the quarter ending March 31. Their net interest income also reached a record high of Rs 2,195.11 crore ($291.82 million).

Flipkart consolidates fintech offerings into single vertical ahead of festive sales

Economic Times

Economic Times · 11m ago

Flipkart consolidates fintech offerings into single vertical ahead of festive sales

Flipkart has consolidated its fintech offerings into a single vertical called Flipkart Pay, ahead of the festive season sales. The company will provide various services under the Pay vertical on its shopping app, including UPI, bill payments, insurance, financing, co-branded credit cards, and buy now pay later services. This move aims to improve customer engagement and provide a seamless payment experience. Flipkart's expansion into fintech comes as rival Amazon continues to invest in its Indian fintech arm, Amazon Pay India, amid growing competition in the payments market.

Peak XV Partners leads $40-mn Series B in Scapia

VCCircle

VCCircle · 3m ago

Peak XV Partners leads $40-mn Series B in Scapia

Scapia, a travel fintech startup focused on co-branded credit cards for Gen Z and millennials, raised $40 million in a Series B funding round led by Peak XV Partners, with backing from Elevation Capital and others. The funding will enhance product offerings, leverage AI, and foster growth. Scapia's credit card offers no fees, high rewards, and exclusive travel benefits. The startup previously raised $23 million in Series A and $9 million in seed funding.

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