India’s second largest private lender HDFC Bank has tied up with e-commerce portal Snapdeal to launch a co-branded credit card. The card is aimed to encourage Snapdeal’s customers from tier 2 and 3 markets to adapt to digital payments.
Snapdeal says that over 70% of its customers are from tier-2 and tier-3 cities but a majority of them opt for cash-on-delivery and only a minuscule adopt digital payment methods. A customer can apply for the card from Snapdeal’s website, mobile site or mobile application. The applicant’s credit eligibility will be checked instantly. For faster processing of application, the eligibility & CIBIL checks will be conducted while customer is filling the application form.
HDFC Bank is currently the leading issuer of credit cards in the country with over 6 million cards in circulation according to the latest data by the Reserve Bank of India (RBI).
HDFC Bank handheld ATMs: Last week, the bank said it is rolling out handheld machines across the country that could enable customers in rural areas to carry out most banking transactions enabled by an ATM. The device was launched nearly a year ago in rural areas, where the bank claims to see transactions aggregating to about Rs 1 crore monthly through about 1550 of these ‘micro ATMs’.
Co-branded card with Times Internet*
It’s worth remembering that in 2013, HDFC Bank had also launched a co-branded card with Times Internet which provided customers with discounts on dining & movies. The card also came with a QR code which a customer could scan on their smartphones to reach and took them to a site (it’s still operational, we checked) where they could see the latest offers and register for the card.
It’s also worth noting that HDFC Bank had bought out Times Bank, a private sector bank promoted by the Times Group, in 2000.