Flipkart, Axis Bank ink pact for co-branded credit card

Jalandhar, July 15

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Flipkart and Axis Bank have partnered to launch a co-branded credit card, powered by Mastercard to improve access to credit and further expand the fast developing credit card ecosystem in the country.

The credit card offers customers best-in-class benefits and unlimited cashback on all spends, online and offline.

Most people have accessed some form of informal credit, there are only an estimated 49 million credit cards in circulation. Estimates from Credit Information Bureau (India) Limited (CIBIL) suggest that while there are some 220 million credit-worthy Indians. Only 72 million of this base are considered ‘credit active’, having a live account with a bank or lending body.

The Flipkart-Axis Bank credit card is designed to cater to both credit-worthy Indians, as well as sections of the population who have not accessed formal credit before.

Ari Sarker, co-president, Asia-Pacific, Mastercard, said: “Though 90 per cent of transactions in India are still processed in cash, we are seeing a sizable and undeniable shift towards digital payments. This has been spurred by the booming popularity of online shopping and e-commerce, which now account for over 40 per cent of all digital payments in India.”— TNS