Flipkart, Axis Bank Launch Co-Branded Credit Card powered by Mastercard

Flipkart, Axis Bank Launch Co-Branded Credit Card powered by Mastercard

Kolkata: E-commerce marketplace Flipkart and Axis Bank have partnered to launch a co-branded credit card, powered by Mastercard. The credit card offers customers best-in-class benefits and unlimited cashback on all spends, online and offline. This partnership is the latest effort from Flipkart, Axis Bank, and Mastercard to improve access to credit and further expand the fast developing credit card ecosystem in India, according to a release issued here. The credit card ecosystem in India is growing at a fast pace and holds promise with regard to penetration and acceptance. While most Indians have accessed some form of informal credit, there are only an estimated 49 million credit cards in circulation. Estimates from CIBIL suggest that while there are some 220 million credit-worthy Indians, a full one third of them have not yet been tapped by formal financial institutions. Further, 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, through Axis Bank & Flipkart's extensive pan-India network and distribution reach, and Mastercard's market leadership in co-brand card programs and payment technology. The card will be available for select users in July, with plans to open the program to all customers over the coming weeks. Customers can also experience a seamless journey with this proposition, from instant card issuance to transaction completion, the statement said. Under this program, customers can earn best-in-class returns on their card spends via cashback that is auto credited every month in customer's statement, thereby ensuring that they will be able to see tangible return on their everyday spends. As part of the industry-leading value proposition, the companies have partnered with renowned third-party merchants across key categories where customers are likely to use credit cards. These include MakeMyTrip, Goibibo, Uber, PVR, Gaana, Curefit and Urban Clap, providing unmatched benefits. Card holders will also get four complimentary lounge visits across airports in India. The Flipkart-Axis Bank Credit Card will also offer customers extra savings on EMI spends on the Flipkart platform, on all tenures. .

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