The co-branded cards are targeted at the large segment of people in metros and non-metros who have no credit cards. These will have many customer-friendly features, including no-cost EMI options, easy borrowing rates, digital payment solutions and more. The cards will also boast attractive offers and deals.
While this partnership will help RBL Bank strengthen its scale of operations in the rapidly growing credit cards business, it will enable Bajaj Finance, a market leader in consumer finance, to expand its EMI network.
RBL Bank will use its expertise in digital and API banking technology to offer a flexible and seamless product to customers. On the other hand, Bajaj Finance will offer the co-branded cards to its sizeable base of 18 MM customers, which is growing at 25-30 per cent annually. The co-branded credit cards will be available to both existing and new customers of the NBFC.
RBL Bank Managing Director and CEO Vishwavir Ahuja said, “We are happy to join hands with Bajaj Finance, a formidable player in the retail lending space, and offer an exciting and attractive credit card service to our customers. Our co-branded credit cards come with a range of benefits, including integration with mobile wallets and coverage of maximum number of establishments. Our credit card business has performed consistently well and we are confident that our new co-branded card will be well-received in light of the demonetisation move.”
Bajaj Finance Managing Director Rajeev Jain said: “Both RBL Bank and we believe in the potential of technology to disrupt the status quo and build large scale, sustainable businesses. The co-branded credit card will extend the experience of electronic payment to a wide spectrum of customers, enabling them to enjoy the convenience of a credit card with multiple value-added propositions.”