Reliance company enters credit card market in India through an online portal.

India’s fast-growing co-branded credit card market may soon see a new entrant: the country’s most valuable firm.

Reliance is working with the state-backed lender SBI to launch two co-branded credit cards on the homegrown Rupay network.

The cards, called Reliance SBI Card, will offer some “exclusive” benefits, such as vouchers of Reliance Retail, the conglomerate’s retail chain, and discounts on spendings at other Reliance properties including Trends, Ajio, JioMart, Urban Ladder, according to the documents.

SBI briefly confirmed the existence of the cards on a web page that it has since taken down.

Reliance’s interest in the credit card business comes at a time when Jio Financial Services, a Reliance-backed finance unit, has launched lending and insurance businesses. In its annual report earlier this month, Jio Financial Services said it plans to launch debit cards.

The financial services is the newest sector for Mukesh Ambani, Asia’s richest man and who controls Reliance Industries. In the last two decades, Reliance has entered and scaled several businesses including retail and telecom to tentpole positions. Reliance Retail was recently valued at $100 billion in funding from a number of investors including KKR.

Reliance’s interest in the credit card business also follows Indian salt-to-steel conglomerate Tata Group launching its own cards in partnership with HDFC. The Tata Neu credit cards have gained popularity in the past one year as Tata exposes consumers of its one business to another.

Scores of firms in India including Paytm, Zomato, Swiggy, and Ola have also launched co-branded credit cards in recent years. These cards give the firms an avenue to diversify their revenue streams, make better use of customer data, and stimulate spending. The cards, often laden with tailored benefits, also deepen customer loyalty and provide a lucrative gateway into the country’s burgeoning middle-class market, bolstering growth in a fiercely competitive landscape, analysts say.

However, these cards have also traditionally offered limited credit limits to consumers, something that has alienated their top-spending customers. Pune-headquartered fintech unicorn OneCard is one of the few firms in India that has been able to make inroads with some power users in the country with its co-branded credit cards.

Related Posts

Government Alerts About Potential Google Chrome Vulnerability That Could Allow You to Be Hacked

Introduction In recent developments, the government has issued a stern warning concerning a critical vulnerability in Google Chrome that could potentially lead to users getting hacked. This…

Truecaller’s AI Can Now Answer Calls with Your Own Voice: Here’s How

Truecaller, a popular app known for identifying spam calls and providing caller ID services, has recently introduced a groundbreaking feature: the ability for its AI to answer…

WhatsApp Could Soon Let You Generate AI-Powered Profile Pictures: Check Details

In the ever-evolving landscape of digital communication, WhatsApp is poised to revolutionize user experience with the introduction of AI-powered profile picture generation. This groundbreaking feature promises to…

Best AI Tools For Coding in 2024 (Free and Paid)

Coding is a talent and an art form that calls for both technical know-how and original problem-solving. AI has a great deal of potential to simplify code…

WhatsApp on iOS activates passkey support: Here’s how to configure it.

Last year, WhatsApp began supporting passkeys on Android devices. On iOS, WhatsApp is currently rolling out passkey functionality. You must have an iPhone 8 or later model…

Airchat: New audio-based social media app is here.. to stay or just 2 mins of fame?

Newly popular, invite-only social networking app Airchat is all the rage. It is the creation of Brian Norgard, a co-founder of Tinder, and Naval Ravikant, the founder…

Leave a Reply

Your email address will not be published. Required fields are marked *

876 views